Magic Johnson is making quite a foray into the radio business after a failed attempt to take over Ebony magazine recently, which by the way has improved DRAMATICALLY over the last few months. We posted the story begging Johnson to back out of the purchase since magazines are not even on life support right now, most are just dead. EBONY has FINALLY infused some youthful ideas and the magazine is actually interesting now. Perhaps it was pointed out to them more than they cared to hear during the failed purchase attempt that they were incredibly dated and they finally listened.
Johnson recently purchased three Phoenix radio stations. I can assure you neither will be urban. Phoenix is a market with an incredibly low black population. The stations were purchased from Atmor Properties Inc, which sold the three FM radio stations “” Spanish-English pop station 95.1 KVIB; hip-hop station 98.3 KKFR; and alternative station 103.9 KEXX “” to the Magic Johnson-led groups. The firms will operate under the Riviera Broadcasting LLC name. Terms of the deal were not released.
Now Johnson has also stepped in to help Inner City who’s dept with Goldman Sachs made headlines when the corporation asked the Obama administration to bail them out (like the banks). It was a plea that had many in the industry split, some stated it was OK and many others thought it was unfair to ask the President to bail them out. Magic’s recent intervention has helped Inner City tremendously as Goldman has agreed to sell the debt to Johnson. What happens next? Who knows.