"Retired NBA star Earvin Magic Johnson is in talks to purchase Johnson Publishing Co., owner of Ebony and Jet, magazines that have documented African-American life for more than half a century," Brett Pulley writes in an article for Bloomberg Business Week.

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"Johnson Publishing was founded in 1942 by John H. Johnson, Linda Johnson Rice's father. Ebony, the monthly magazine of features, the newsweekly Jet and the defunct Negro Digest chronicled African-American life when mainstream media paid little attention.

"Photographer Moneta Sleet Jr. was working for Ebony when he shot the Pulitzer Prize-winning image of Coretta Scott King and her young daughter at Martin Luther King Jr.'s funeral in 1968. Jet stirred controversy in 1964, when it ran photos of 14-year-old Emmett Till in his coffin, beaten beyond recognition in a racially-motivated attack.

"Ebony's resonance was underscored when President-elect Barack Obama granted the magazine his first print interview following the 2008 campaign."