Vibe Holdings LLC, a multi-cultural media company spanning the broadcast, digital, live entertainment, and print mediums, has received an investment of undisclosed amount.
Magic Johnson Enterprises and Ron Burkle’s The Yucaipa Companies joined the company’s existing owner InterMedia Partners.
The company intends to use the funds to further develop its brands, including Vibe Magazine, Vibe.com, Uptown Magazine and the Soul Train TV show and library.
In conjunction with the funding, Earvin “Magic” Johnson, Chairman and CEO of Magic Johnson Enterprises, will become Chairman of Vibe Holdings. He will focus on accelerating the growth of the company through targeted brand extensions and the creation of diversified advertiser-friendly platforms.
Following the investment, co-founder Robert Miller will become Chairman of the Vibe and Uptown magazine group, Len Burnett and Brett Wright will remain Co-CEOs of Vibe and Uptown magazines, and Kenard Gibbs will continue to serve as CEO of Soul Train.