Magic Johnson, Yucaipa invest in Vibe magazine

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NEW YORK (AP) — Magic Johnson is set to play point again, this time as chairman of Vibe Holdings, the owner of the magazines Vibe and Uptown and the Soul Train TV show.

The former Los Angeles Lakers superstar will take on the role as part of a new investment by Magic Johnson Enterprises and Ron Burkle’s The Yucaipa Companies in Vibe Holdings, joining its existing owner, InterMedia Partners.

Johnson said Wednesday that his company aims to serve the underserved urban market and work with advertisers seeking to reach it.

Terms of the deal were not disclosed.

Copyright 2011 The Associated Press.