Magic Johnson to Become Chairman of Vibe Holdings

Magic Johnson hasn’t slowed his mogul train down one bit since selling his stake in the Lakers last October. The latest acquisition for the former All-Star Point Guard, he has agreed to invest in Vibe Holdings LLC, a magazine and television company focused on the urban market, along with billionaire Ron Burkle.

As part of the deal, Johnson will become chairman of New York-based Vibe, said a person, who declined to be identified because the deal isn’t public. Johnson and Burkle, head of the investment firm Yucaipa Cos., will join Leo Hindery, the former cable and telecom executive, whose InterMedia Partners LP already owns a stake in Vibe.

Vibe, which targets multicultural markets with entertainment and general-interest news and content, includes Vibe magazine, Uptown magazine, media websites and the Soul Train TV show, with its library of 35 years of musical performances, according to the company’s website. Last month, Vibe began publishing Uptown Professional, a business title.

As long as this deal doesn’t include Magic attempting another late night talk show stint. The Magic Hour SUCKED!! Does this mean Magic is going to be relocating to the East Coast?

I adore the business moves that Magic makes!