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The sale was expected to be finalized Tuesday (December 22) according to Leonard Simon, a Houston-based attorney representing Ebony Media Group. Ebony was founded in 1945 by John H. Johnson, and became a staple in Black American households for decades before declining advertisement revenue and the digital age created financial setbacks. Bridgeman, 67, told the Tribune he believes he can get the magazine back into profitability using “the right ideas and the right execution.” “When you look at Ebony, you look at the history not just for Black people, but of the United States,” he said. In 2016, Ebony and its sister publication Jet were sold to a private equity fund in Texas. By 2018, the magazine had a $80,000 lawsuit on its hand for unpaid wages to dozens of freelancers. Last year, the magazine stopped publishing altogether and put its photo archive of more than four million photos up for sale. The collection was purchas ....
Sun-Times files A bankruptcy judge approved the $14 million sale Tuesday of Ebony Media Operations, the owner of the Ebony and Jet publications, to former NBA player Ulysses “Junior” Bridgeman. The sale could lead to a revival of the historic titles that highlighted African American voices and culture. Ebony was founded in Chicago in 1945 by the late John H. Johnson, who added Jet in 1951. They were sold to CVG Group, which ended their print publication in 2019 and was forced into bankruptcy this year. Bridgeman Sports and Media of Louisville, Kentucky, was the sole bidder for the publications. Judge David Jones in the Southern District of Texas, meeting in Houston, approved the sale. ....
Once a pillar of Black business, founded by John H. Johnson in 1945, the magazine enjoyed decades of popularity before declining advertising revenues and the internet caused it to fall on hard times. In 2016, Ebony and its sister publication Jet was sold to the private equity fund CVG Group, out of Texas. But by 2018, Ebony had to settle an $80K lawsuit with dozens of freelancers who’d never received payment for contributions to the magazine and website, further damaging the brand. Items from the “gift bag” on display at the Ebony Magazine Oscar Party “Hollywood in Harlem” at the Crustacean Restaurant on February 24, 2005 in Beverly Hills, California. (Photo by Frederick M. Brown/Getty Images) ....