JPMorgan Chase Special Investments Group Becomes an Investor in Johnson Publishing
CHICAGO, July 6, 2011 /PRNewswire/ -- Johnson Publishing Company, Inc., the nation's preeminent publisher of EBONY and JET magazines and owner of Fashion Fair Cosmetics, a global prestige cosmetics brand for women of color, today announced that JPMorgan Chase's Special Investments Group (SIG) will become an investor in the company. Terms of the investment were not disclosed.
Linda Johnson Rice, chairman of Johnson Publishing Company, said, "J. P. Morgan Chase's investment in our firm is a logical outgrowth of our longstanding relationship. It positions Johnson Publishing for continued growth as a family-owned publisher of the Black community's most-trusted media brands by providing financial resources to take our iconic EBONY and JET magazines to the next level and accelerate our growth strategy for Fashion Fair Cosmetics."
"We are grateful for the support of our readers, advertisers and business partners, and we are excited about the future opportunities this investment creates for our company," Rice added.
EBONY and JET have served the Black community for more than 60 years. With circulation of 1.25 million copies per month and 800,000 per week, they are the number 1 and 3 publications, respectively, focused on Black America. Launched in 1973, Fashion Fair Cosmetics is a global prestige cosmetics brand for women of color that is currently sold in the United States, Canada, the United Kingdom, France and the Caribbean.
Greg O'Hara, head of SIG, said, "We are delighted to partner with our client Johnson Publishing Company, with which we have worked for more than 40 years. This investment demonstrates our commitment to Johnson Publishing's iconic brands, which have stood the test of time."
About Johnson Publishing Company, Inc.
Founded in 1942 by John H. Johnson, Johnson Publishing Company, Inc. is the leading, independently-owned Black American media publisher with headquarters in Chicago and offices in New York and London. Through its media division, the Company publishes EBONY and JET, which rank #1 and #3, respectively, among Black American magazines. Launched in 1973, the Company also owns Fashion Fair Cosmetics, a global prestige cosmetics brand for women of color. Additional Information about Johnson Publishing Company, Inc. is available at www.johnsonpublishing.com.
About JPMorgan Chase
J.P. Morgan Chase & Company (NYSE: JPM) is a leading global financial services firm with assets of $2.2 trillion and operations in more than 60 countries. The firm is a leader in investment banking, financial services for consumers, small business and commercial banking, financial transaction processing, asset management and private equity. A component of the Dow Jones Industrial Average, JPMorgan Chase & Co. serves millions of consumers in the United States and many of the world's most prominent corporate, institutional and government clients under its J.P. Morgan and Chase brands. Information about JPMorgan Chase & Co. is available at www.jpmorganchase.com.
SOURCE Johnson Publishing Company, Inc.