JPMorgan Chase Buys Stake In Johnson Publishing Co.
JPMorgan Chase Special Investments Group has bought a “substantial minority stake” in the Chicago-based Johnson Publishing Co., publisher of Ebony and Jet magazine. The bank has become the first outside investor in the family-owned company’s 69 year history.
“JPMorgan Chase’s investment in our firm is a logical outgrowth of our longstanding relationship. It positions Johnson Publishing for continued growth as a family-owned publisher of the black community’s most-trusted media 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 Linda Johnson Rice in a statement.
Further details were not disclosed about the terms of the investment. However, Rice remains the chairman and majority shareholder.
Last July, Rogers became the first non-family member to head the company.
Rice’s father, John H. Johnson (1918-2005), started JPC with a $500 loan from his mother in 1942. Today, it is the largest Black-owner publishing firm in the US. According to the Associate Press, Ebony’s circulation stands at 1.25 million monthly, with Jet at a weekly circulation of 800,000.