Black-Owned Ebony & Jet Magazines Get Financial Lifeline After JP Morgan Gives Millions & Gets Minority Stake

Black-owned Ebony and Jet magazines are no longer teetering on bankruptcy. J. P. Morgan has bought a minority stake in the company. Yeah, another black-owned company slowly going white-owned. The company reportedly extended millions of dollars to Johnson Publishing via its special investments group. In return for the generosity, J.P. Morgan will own a minority stake in Johnson Publishing. Gee, I wonder how John H. Johnson would feel about being part-owned by a white-owned company, especially since he literally scrimped and scrapped to get the funds together to start his company in 1942, at a time when white establishments shrugged at even helping a black business owner.