Investment Group to Diversify Ebony’s Portfolio Across the Media and Entertainment Landscape Chicago, IL – June 15, 2016 – CVG Group (CVG), today announced that it has acquired the assets of Ebony Media, the publisher of Ebony Magazine, the premiere destination for African-American cultural insight, news and perspective. The iconic brands of EBONY and JET are under new management and heading in a bold new direction and will now be known as Ebony Media. CVG Group is an African American led investment group that brings to bear over twenty-five years of experience creating, developing and running successful corporations.
This acquisition will position Ebony Media for long-term growth by diversifying its revenue streams and expanding its business footprint by magnifying black culture through a wide spectrum of print, event and digital mediums.
“We are excited about the future of Ebony Media and the opportunity to position the enterprise for long term growth. Our team has a true understanding of the Ebony brand as well as its legacy, and is committed to providing its audience with premium content across all media platforms,” said Michael Gibson, CEO of CVG Group and Chairman of Ebony Media.
Moving forward, Linda Johnson Rice will serve as Chairman-Emeritus and will continue to be on the board of Ebony Media. Cheryl Mayberry McKissack will lead Ebony Media as the CEO. CVG Group will be led by Michael Gibson, who will also serve as the Chairman of Ebony Media.
“This is the next chapter in retaining the legacy that my father, John H. Johnson, built to ensure the celebration of African-Americans,” said Linda Johnson Rice.
“I am excited about the opportunity to lead these world renowned brands to the next level, expanding the editorial offerings for our readership while providing new opportunities to our valued advertising partners,” Mayberry McKissack states. “Through offerings such as our annual “Power 100” event and issue, ground breaking covers on “The Body Brigade”, Women Up and Black Hollywood events, and expanding our digital coverage, we are already seeing tremendous gains in extending our brand’s reach well beyond paper and electrons. Our legacy is not only thriving, it’s evolving.”
There are also exciting changes in store for the editorial direction of the publications. Kyra Kyles, who previously led the digital editorial strategy and operations, is promoted to Editor-in-Chief/SVP Digital Editorial, overseeing editorial content across both print and digital platforms. Kyles, a longtime content producer who has co-created and directed award-winning, viral Webisodes, will unify print, digital and social operations in an unprecedented move to enrich the overall audience’s experience. Kierna Mayo, current EIC of Ebony, will be leaving to pursue other endeavors.
About CVG Group
CVG Group specializes in private equity acquisitions of U.S. based, middle market companies. By partnering with businesses with experienced and proven operating management, CVG Group helps mid level companies to grow their profitability through proven professional financial models.