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Magic Johnson Takes Stake and Chairman Post at Vibe Holdings

Retired basketball star Magic Johnson agreed to invest in Vibe Holdings LLC and become chairman of the New York-based magazine and television company, which focuses on the urban market.

Johnson, 51, is making the investment with Yucaipa Cos., an investment firm headed by Ron Burkle, according to a statement today. They’re becoming Vibe investors alongside Leo Hindery, the former cable and telecom executive, whose InterMedia Partners LP already owns a stake in the company.