J.P. Morgan Aids EbonyJET
J.P. Morgan is extended a hand to Johnson Publishing company to aid their premier publications, Ebony and Jet magazine.
Johnson Publishing announced today an investment from J.P. Morgan’s special investments group, part of J.P. Morgan’s chief investment office, which manages the bank’s own money.
According to The Wall Street Journal, the investment was in the tens of millions of dollars and in return, J.P. Morgan will own a minority stake in Johnson Publishing.
Johnson Publishing CEO and former White House social secretary Desiree Rogers released a statement on the investment saying,
“We’ll have additional resources that we know is going to accelerate our growth strategy.”
Through the investment Johnson is looking to revamp Ebony and Jet magazine.
Additionally the company’s Fashion Fair Cosmetics is said to be exploring “repackaging and brand repositionings.”
The Chicago company was founded in 1942 by John H. Johnson and Johsons’ daughter, Linda Johnson Rice now owns the company.