Magic Johnson has been retired from the game of basketball for over 15 years now, but his most recent assist is making headlines. The Hall of Famer and investor Ron Burkle – Magic Johnson Enterprises and Yucaipa Companies – are entering business with one another as they have both invested in Vibe Holdings LLC. Similar to how he called the shots as point guard for the Lakers, Johnson will become the chairman of the company.

“The mission of Magic Johnson Enterprises is focused on building mutually beneficial relationships between corporations and the underserved urban market,” Magic Johnson told AllHipHop.com in a statement released this morning (February 9th).

“Through programs designed to cultivate the existing profit potential of this burgeoning, and frequently neglected demographic, we are able to revitalize and maximize profit margins,” Magic said. “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. Through leveraging established brand equity we will create a pertinent message vehicle for major advertisers. We will redefine Vibe Holdings as the center of influence for the coveted urban audience.”

Vibe Holdings operates VIBE Magazine, Vibe.com, Uptown Magazine as well as the Soul Train TV Show and library. This isn’t Burkle or Yucapia’s first foray into the urban landscape either, by the way. Eight years ago, the company invested the hefty amount of $100M in Diddy’s Sean John Clothing Line.

Source