JPMorgan Chase To Buy Stake In Chicago's Johnson Publishing

CHICAGO (CBS) -- The historic Johnson Publishing Co. is taking on a partner, after a long history as a family-owned company.

The publisher of Ebony and Jet magazines announced Wednesday that the JPMorgan Chase Special Investments Group will become a part-owner of the company. The terms of the investment were not revealed.

"JPMorgan Chase's investment in our firm is a logical outgrowth of our longstanding relationship," Johnson Publishing president Linda Johnson Rice said in a news release." 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."

Johnson Publishing was founded in 1942 by the legendary John H. Johnson, with a mission to "showcase the black personality and achievements devoid of stereotypes." His Ebony and Jet magazines became celebrated for covering the world from a uniquely African-American perspective.

The Fashion Fair Cosmetics line, was launched in 1973 by Johnson's wife, Eunice Johnson, as a prestige makeup brand for women of color that is now sold in several countries worldwide.

John H. Johnson died in 2005, Eunice Johnson in 2010.

In August 2010, Desiree Rogers, the former White House social secretary and Illinois Lottery director, was named chief executive officer of Johnson Publishing.