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Publisher of iconic black magazines Ebony and Jet which at their 90s peak had a monthly circulation of two million files for bankruptcy
John H. Johnson founded the company in 1942 when he launched Negro Digest
The magazine summarized newspaper articles about black life and culture
Key to the company's growth was Ebony magazine, which was founded in 1945
The average monthly circulation of Ebony was around 2m for a time in the 1990s
Jet magazine played a powerful role in the black civil rights movement in 1955
It published a photograph of the open coffin of police violence victim Emmett Till
The imagine helped galvanize a generation of civil rights protesters in the U.S.
Ebony was sometimes criticized for focusing too much on successful people
'It has inspired them to be successful by showing examples of blacks who have made it,' Johnson said, in an interview in 1992
Johnson Publishing Co's fortunes began to decline after Johnson died in 2005
In 2014, Jet ceased print editions and became a digital-only publication
In 2016, Ebony and Jet were sold to Clear View Group, an equity firm in Texas
A historic Chicago publishing house responsible for some of the most culturally significant magazines within the black community has filed for bankruptcy.
Johnson Publishing Co., former owner of Ebony and Jet magazines, which at their height in the 90s had a monthly circulation of two million and helped tackle negative stereotypes of black people in the U.S., filed for liquidation on Tuesday.
The company said it was 'caught in a tidal wave of marketplace changes and business issues which, despite exhaustive efforts, could not be overcome.'
In recent times, the company has struggled financially following a number of issues including the loss of a major retailer that carried its Fashion Fair Cosmetics line, a 'costly recall' of products and competition from digital rivals, the company said.
John H. Johnson founded the company in 1942 when he launched Negro Digest with a $500 loan from his mother. The magazine summarized newspaper articles about black life.
But key to the company's growth was Ebony magazine, founded in 1945 and patterned after Life magazine, one of the nation's leading magazines at the time.
The average monthly circulation of Ebony was around 2 million for a time in the 1990s, making it the largest magazine catering to blacks.
Advertisers were initially reluctant to display their products in black-oriented publications because of concerns on how they would be perceived by other customers if they were seen as catering to blacks.
The company overcame those fears by building on personal relationships and bringing perspective advertisers to the company's offices, Johnson officials said.
Ebony was often criticized for focusing too much on successful people. In a 1992 interview, Johnson said he believed Ebony has made an important contribution to black people.
'It has inspired them to be successful by showing examples of blacks who have made it,' Johnson said.
However, Ebony and Jet also addressed social issues affecting black America.
Jet became a legendary part of the civil rights movement in 1955 when it published a photograph of the open coffin of Emmett Till, which showed the effects of the fatal beating the 14-year-old Chicago boy suffered at the hands of white men in Mississippi for allegedly whistling at a white woman.
'Johnson Publishing Company is an iconic part of American and African American history since our founding in 1942, and the company's impact on society cannot be overstated,' the company said in Tuesday's statement.
https://www.dailymail.co.uk/news/article-6905285/Publisher-iconic-black-magazines-files-bankruptcy.html
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