ULYSSES BRIDGEMAN BUYS EBONY MAGAZINE OUT OF BANKRUPTCY

Anyone familiar with the Johnson Publishing Company or its most recognizable magazine, EBONY, knows that the past few years have been a total mess. The magazine, along with sister publication JET, were sold by Johnson Publishing in 2016 as part of a fire-sale that culminated in bankruptcy proceedings. The new owners, a Texas-based private equity firm called the CVS Group, were soon hit with lawsuits by former contributors who contended that they hadn't been paid for work on the magazine, and its print run was placed on hiatus in 2019. In mid-2020, EBONY defaulted on an estimated $10 million in loans and, after its new CEO Willard Jackson was forced out, the lendor forced the company into an involuntary Chapter 7 bankruptcy.

The magazine went up for sale in bankruptcy court a few weeks ago, and the winner turned out to be former NBA player turned business mogel Ulysses 'Junior' Bridgeman. A talented small forward, Bridgeman spent the majority of his career with the Milwaukee Bucks, and is perhaps best known for his part in a blockbuster trade conducted shortly after he was drafted by the Los Angeles Lakers in 1975, which saw him and three other players traded to the Bucks in return for OG center Kareem Abdul-Jabbar and Walt Wesley. After retiring from the NBA, he turned to fast food franchising, amassing over 100 restaurants and an estimated net worth in excess of $400 million by 2016. Bridgeman's winning bid was reported to be $14 million.

Ulysses "Junior" Bridgeman, c/o Journal-isms

It's early days, so Bridgeman's plans for EBONY aren't clear, outside of his self-professed desire to restore the magazine to its fomer glory. Given the state of the magazine market, and of the economy as a whole, that seems pretty unlikely. However, Bridgeman's demonstrable talents as a businessman mean that he has as good a chance as anybody. 

Of more immediate interest will be where Bridgeman decides to base the publication's business offices. Following the sale of the iconic Johnson Publishing building at 820 South Michigan Avenue to Columbia College Chicago, the company resided in a high-rise office complex a little further north on Michigan Avenue. A Chicago Tribune story reported that Bridgeman's love of EBONY was bolstered by childhood visits to the building, which he appreciated as a symbol of Black excellence. 

Given how closely the magazine's history is linked to Black Chicago, it seems likely that Bridgeman will attempt to maintain at least a nominal connection to the Windy City, particularly if it resumes print publication. The old EBONY building is long now - now converted into upscale condominiums - but it might be possible to carve out a new space for the magazine. For inspiration on how to restore the relationship between a Black periodical and the built environment, Bridgeman could look to the Chicago Defender, which was widely applauded for returning to its 'roots' on the South Side a little over a decade ago, by way of a former funeral home on King Boulevard.