Evidently the Magic Johnson deal to buy Johnson Publishing (no relation), has fallen through. Earlier we reported on the whispers that Magic Johnson Enterprises was in discussions to buy Johnson Publishing Company, the owners of Ebony and Jet Magazines.

Here’s the news release from Magic Johnson Enterprises:

“I would like to salute Linda Johnson Rice and the Johnson family for pioneering the iconic brand of the Johnson Publishing Company, which we have all come to love and respect. Ebony and Jet have been permanent fixtures on coffee tables in African-American homes for many years. Recently, an affiliate of Magic Johnson Enterprises and Johnson Publishing Company were in advanced discussions to do business together, but unfortunately we were unable to reach a definitive agreement. We will continue to look for opportunities to invest in African-American media.” PRNewswire

(emphasis added).

What sort of affiliate was this? I find it interesting that a press release was sent out, but doesn’t really detail who was actually working on the negotiations on the Magic Johnson Enterprises side of the table…

Magic Johnson maybe in talks with Johnson Publications or the owners of notes against Johnson Publications.

Johnson Publications is famous for Ebony, Jet and the former Negro Digest by way of magazines and Ebony Fashion Fair events and make-up line as well.

Although Magic Johnson’s Eric Holoman has said “There have been discussions,” nothing definitive has been claimed. However, the folks at Johnson Publications deny anything has gone on. Bloomberg

Form the look of the full Bloomberg piece, and looking between the lines it appears that Johnson Publications maybe having issues with creditors — and as a result Magic Enterprises may have the chance to come in and buy up Johnson Publications’s debt.