Johnson Publishing announced on Tuesday that it has sold Jet.com and Ebony.com to Clear View Group. The publishing company did not disclose the sale price of the brands to the African-American firm based in Austin, Texas.

The deal was aimed at reducing the debt of Johnson Publishing. Over the past few years, the company has been struggling to shift its content to a digital platform.

Not the end

Following the sale, Jet has assured readers that it will not be moving down even with a shift in its management. Ebony, which is a lifestyle magazine that focuses on African-Americans with a circulation of 1.2 million, will now be called Ebony Media Operations.

It will be chaired by Michael Gibson of ClearView Partners with support from a private-equity company, Park View Capital Partners.

A new chapter

According to Linda Johnson Rice, the daughter of the founder of Johnson Publishing, John H. Johnson, this is the new chapter in the company’s effort to retain the legacy that her father built towards ensuring African-Americans’ celebration.

The company will hold on to its Fashion Fair Cosmetics that target the colored. It also focuses attention on photo archives which Johnson Publishing has been selling to raise $40 million since January 2015.

Other sources

http://nypost.com/2016/06/14/ebony-magazine-sold-to-private-firm/

http://www.nbcnews.com/news/nbcblk/johnson-publishing-sells-ebony-jet-n593086