*Vibe Holdings – the parent company of Vibe Magazine, Vibe.com and Uptown Magazine, as well as the “Soul Train” TV show and library – announced today that Earvin “Magic” Johnson’s company has come on board as a part owner of the entire operation.

Magic Johnson Enterprises and Ron Burkle’s The Yucaipa Companies join existing owner, InterMedia Partners in a move to “invigorate and further cement these brands as formidable urban media outlets spanning the broadcast, digital, live entertainment, and print mediums,” read a press release.

As part of the transaction, Johnson will become Chairman of Vibe Holdings.  In the role, he’s expected to “utilize his unparalleled business acumen to fuel the continued growth of Vibe Holdings through targeted brand extensions and the creation of diversified advertiser-friendly platforms.”

Magic said: “The mission of Magic Johnson Enterprises is focused on building mutually beneficial relationships between corporations and the underserved urban market.  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.  Currently the landscape of modern media lacks a platform to serve this community on a global scale.”

Vibe Holdings also announced today that Robert Miller, the co-founder of Vibe Magazine and former publisher of Sports Illustrated and Time Magazine, will become Chairman of the Vibe and Uptown magazine group. Len Burnett and Brett Wright will remain Co-CEOs of Vibe and Uptown magazines, and Kenard Gibbs will continue to serve as CEO of Soul Train.