Hustle Harder: Magic Johnson Invests in Vibe Holdings LLC

51-year-old Magic Johnson has a mean business resume. He runs Magic Johnson Enterprises (it has a net worth of $700 million), which includes Magic Johnson Theaters and Magic Johnson Entertainment. From 1994 to 2010, he was a minority owner of the Lakers and in 2006, he created a contracting service with Sodexo USA, called Sodexo-Magic. Johnson has partnerships with several other companies, including 24 Hour Fitness Worldwide Inc. and T.G.I. Friday’s Inc. And now, he’s adding yet another professional accomplishment to his list, by agreeing to invest in Vibe Holdings LLC and becoming chairman of the company.

According to a statement, Johnson is making the investment with Yucaipa Cos., alongside Leo Hindery, the former cable and telecom executive, whose InterMedia Partners LP already owns a stake in the company. “We will redefine Vibe Holdings as the center of influence for the coveted urban audience,” Johnson said. Exactly how much Johnson had invested in Vibe Holdings was not shared. Last year, Johnson tried to purchase Johnson Publishing Co., owner of Ebony and Jet magazines, but was unable to reach an agreement. [Dope!]

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