Magic set to help Vibe Mag get its groove back

By KEITH J. KELLY

NY Post

Vibe Ventures hopes that the magic is back now that it has a new ownership team led by basketball legend Magic Johnson and supermarket billionaire Ron Burkle -- who are pumping an estimated $12 million into the ailing company in exchange for a majority stake.

The current owner, InterMedia Partners, a private-equity firm headed by Leo Hindery that took over in a foreclosure sale in late 2009, is going to stay involved. "We feel we can take it to a whole other level," Johnson told The Post.

The former Los Angles Lakers star, who will serve as chairman of Vibe Ventures, was pegged by Forbes in 2009 as one of the five wealthiest African-Americans in the US, with an estimated worth of $500 million.

In addition to the flagship Vibe magazine, Vibe Ventures includes Uptown magazine and related digital ventures and the rights to 1,100 episodes of dance show "Soul Train."

"We plan to find a way to build the 'Soul Train' brand and get it back on the air," said Johnson, who also promised to promote everything from music awards and live performances to business seminars and overseas licensing.

Johnson said the Yucaipa/Johnson Fund, formed from Burkle's Yucaipa Cos. and Magic Johnson Enterprises, has about $550 million available for future deals in all fields. He said he is on the prowl for more acquisitions in the urban entertainment and media arena.

"When advertisers and marketers want to get that urban eyeball, we want to be the company that they come to," said Johnson.

Vibe once jockeyed with The Source for a lead role covering hip-hop culture, but The Source was rocked by financial turmoil and forced to sell to new owners. With yesterday's deal, Vibe will get its fourth owner in its 18 years of publishing. The Wicks Group, which purchased the magazine for $35 million in 2005 from Miller Publishing, defaulted on its loan from Capital Source Bank in 2009 and forced a temporary shutdown.

Hindery's InterMedia Group took over and revived the magazine later that year. It plans to publish six issues of Vibe and six issues of Uptown this year. Robert Miller, part of the original Vibe launch team and a past owner, is involved as chairman of the Vibe and Uptown Magazine Group.

Read more: http://www.nypost.com/p/news/business/magic_set_to_help_vibe_mag_get_its_wzaIY4V9wl9nyD9biJzTyK#ixzz1DZD6xpe1

The Recycle in the of GREEN -- Art of Negotiation

The MEGA World of Lil Mogul
by Lil Mogul


This month The Future focus is GREEN and recycle. Every Tuesday, I post the MEGA World of Lil Mogul and on Tuesday, August 1, 2009, I posted the Art of Negotiation. Like it or not, life is a giant negotiating trading room floor. As participants, we come into conflicts with others: family members, business partners, sales clerks, competitors, customers or “The MAN” daily. How we handle these encounters can determine not only whether we prosper but whether we can enjoy a full, pleasurable, satisfying life or find business success.

Let's Make A Deal. Negotiation is a field of knowledge and endeavors that focuses on gaining the favor of people from whom we want things. It’s as simple as that. We want all sorts of things: prestige, freedom, money, justice, love, security, recognition and/or power. In the past, rewards presumably go to those possessing the greatest talent, dedication and education. But life has disillusioned those who hold the virtue and hard work will triumph in the end. The winners seem to be people who not only are competent but also have the ability to negotiate their way to get what they want. -Photo: Lil Mogul at the NYSE with Ashanti & Nefertiti Strong

I remember watching a Barbara Walters Special and she interviewed Sally Jesse Raphael. Barbara asked Sally, “What is the difference between you and Oprah, “and Sally replied, “Nothing; however, Oprah had better attorneys when negotiating her TV show deal. They had a line that included she would own her show.” After hearing that, I started researching the Art of Negotiation. I discovered, when David Robinson was signed to the San Antonio Spurs, he negotiated in his NBA contract that he would ALWAYS be the 2nd highest paid basketball player in the league. The mid to late 90’s basketball players were setting historical salaries. Getting what you want and understanding how to get it.

Negotiation is the use of information and power to affect behavior within a “web of tension.” If you think about this broad definition, you’ll realize that you, in fact, negotiate all the time both on your job and in your personal life. As entrepreneurs, we have to negotiate for survival. I call Sprint every month to extend my pay period to be able to collect invoices from clients; with vendors to pay them for services on 30 or 60 day terms and with bank managers to clear holds on checks or reverse bank fees for overdrawing the account.

To get to the Promised Land you have to negotiate your way through the wilderness. Stay in the Game – Richard E. Pelzer Sr.