Johnson Publication Looking for Buyer or Investor for Ebony Magazine

(Sept. 28)Ebony Magazine, the trailblazing lifestyle magazine geared towards African-Americans, is up for sale, Newsweek.com reports.

After a massive reorganization designed to avoid lay-offs earlier this year and the recent cancellation of the traveling fashion show, Ebony Fashion Fair, Johnson Publication’s Ebony and Jet magazines may require a buyer or investor to remain financially viable.

Johnson Publishing’s chairperson and CEO, Linda Johnson Rice, daughter of founder, the late John H. Johnson, reportedly has approached a number of potential buyers or investors, including Time Inc., the world’s largest periodical publisher and owner of Ebony, and Viacom, media conglomerate and owner of BET.

The economic woes of Ebony magazine have been reflected in its falling advertising revenue for the last 3 years.

Ebony’s advertising revenue shrank from $27.7 million in the first half of 2008 to $18.8 million in the first half of 2009.

Ebony’s sister, digest publication JET did worse.  Ad revenue sank more than 40% since this time last year.

John H. Johnson launched what would become the largest African-American publishing company with a $500 loan in 1942, publishing his first issue of Ebony three years later.