CHICAGO (AP) -- A unit of JPMorgan Chase is becoming a partner in Chicago-based Johnson Publishing Co., publisher of Ebony and Jet magazines.
Chairman Linda Johnson Rice said Wednesday the investment by Chase's Special Investments Group positions the media and cosmetics company for continued growth. Rice did not disclose the terms of the investment.
Rice's father, John H. Johnson, built Ebony from a circulation of 25,000 on its first press run in November 1945 to a monthly circulation of 1.9 million in 1997. Jet, a newsweekly, was founded in 1951. The company also produces Fashion Fair Cosmetics. Johnson died in 2005.
Like other media companies, family-owned Johnson Publishing has been adversely affected by an advertising and circulation decline. Ebony's circulation stands at 1.25 million monthly. Jet has a weekly circulation of 800,000.
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