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Former NBA star Junior Bridgeman buys Ebony Magazine out of Bankruptcy for $14 million

Former NBA star Junior Bridgeman buys Ebony Magazine out of Bankruptcy for  million

The former Milwaukee Bucks player bought both Ebony and Jet in US Bankruptcy Court this week through his Bridgeman Sports and Media company.

Ebony is a monthly magazine that focuses on news, culture, and entertainment. Its target audience is the African-American community, and its coverage includes the lifestyles and accomplishments of influential black people, fashion, beauty, and politics.

Legal Troubles for Ebony Magazine

In 2017, 50 freelance writers created a social media campaign #EbonyOwes due to not being paid by the magazines’ owner, Clear View Group. In response to the campaign, Clear View Group made an effort to pay 11 of the 50 writers $18,000, concluding with only 3 being paid in full. In late-2017, the remaining writers with the help of The National Writers Union filed case against Clear View Group and Ebony Media Operations.

The remaining writers finally settled their lawsuit with the company in February 2018. The magazine owners were ordered to pay $80,000 Ebony Media Operations, Clear View Group and the National Writers Union came to an agreement that all unpaid invoices would be compensated in four quarterly payments by the end of 2018. In October 2018, the magazines’ owner missed its third quarter payment and another lawsuit was filed in November 2018. Clear View Group then made the final payment due to the writers in December 2018.

The iconic black media magazine was was forced into bankruptcy earlier this year after an attempt to re-establish itself failed. EBONY  reportedly sold its photo archive for $30 million last year and Willard Jackson briefly took over as CEO but left the company shortly after.

 

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