What is the Fate of Ebony Magazine?

According to Newsweek magazine, Johnson Publishing is looking for a buyer or investor for its flagship title, Ebony magazine, the U.S.'s oldest African-American magazine.

The late John H. Johnson first published Ebony magazine in 1945 after starting his publishing company with $500. He became the first African-American on the Forbes magazine "Richest Americans" list and garnered  many prestigious awards and recognition in his long career including the Presidential Medal of Freedom, which he received in 1995. Then President Bill Clinton said Johnson gave "African-Americans a voice and a face, a new sense of 'somebody-ness,' of who they were and what they could do, at a time when they were virtually invisible in mainstream American culture."

John H. Johnson died in 2005 at the age of 87; his daughter, Linda Johnson Rice is the current chairman and CEO.