Newsweek is reporting that the world's oldest publication for African Americans may be shopping for a buyer. Apparently, they have approached Time Inc. (which already owns Essence Magazine), Viacom (which already owns BET), and other private investors and buyout firms.
Ebony Magazine was created in 1945 by the late John Johnson, who later formed Johnson Publishing which also owns Jet Magazine. His goal was to create publications that enticed African American readers, but also allowed advertisers to market to a consumer group that had long been ignored. Ebony grew, to at one point, having hundreds of millions in annual revenue, and a circulation of nearly two million readers.
As of late though, things have changed. Ad sales for the magazine have dived almost 35 percent, dragging revenues down almost 32 percent. In addition, this year's Ebony Fashion Fair - a glamorous traveling fashion show that has been put on for the past 55 years - was canceled due to lack of corporate sponsorship.
One publishing executive was quoted as saying: The company is "in big, big trouble."
