From Folio
Ebony and Jet publisher Johnson Publishing has sold a minority stake to J.P. Morgan Chase & Co. Johnson will put the funds toward its growth plan, including the development of an e-commerce business.
“J.P. Morgan Chase’s investment in our firm is a logical outgrowth of our outstanding relationship. It positions Johnson Publishing for continued growth as a family-owned publisher of the Black communities most-trusted brands by providing financial resources to take our iconic Ebony and Jet magazines to the next level and accelerate our growth strategy for Fashion Fair Cosmetics,” said Johnson publishing chairman Linda Johnson Rice in a statement.
Johnson Publishing has endured significant losses in magazine circulation and advertising revenue in recent years, as well as executive turnover. Last June, Anne Sempowski Ward resigned as president and COO while former White House press secretary (and Johnson consultant) Desiree Rogers was named CEO. Johnson Rice, who previously served as CEO, became chairman.
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