MAGIC JOHNSON NAMED CHAIRMAN OF VIBE MAGAZINE-The Boom Box

Kevork Djansezian, Getty Images

Magic Johnson is a lot of things: one of the best basketball players of all-time, TV analyst, HIV/AIDS activist, restaurateur and a big time investor. It was recently announced that business partners Johnson and Ron Burkle have invested a large sum in Vibe Holdings LLC -- the owners of Vibe Magazine, Vibe.com, Uptown Magazine, Soul Train and its large and storied library.

"The mission of Magic Johnson Enterprises is focused on building mutually beneficial relationships between corporations and the underserved urban market," said Johnson in a public statement. "Currently the landscape of modern media lacks a platform to serve this community on a global scale. History and legacy are paramount in building brand affinity and we plan to integrate this ideology into the resurgence of Vibe Holdings."

Magic will take the title of Chairman of Vibe Holdings and try to leverage his celebrity and business experience to create links between the company's brands and advertisers. He went on to comment that combining all of these holdings together with an "urban" target can create a major advantage to draw advertisers and make loads of money. He views Vibe Holdings as the future "center of influence for the coveted urban audience."