CHICAGO (CBS) — Ebony and Jet magazines will no longer be owned by a Chicago family.

A Texas firm bought Johnson Publishing, and CBS 2’s Jim Williams tells us what it means for the future of the magazines and their Chicago employees.

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The news was shocking.

“I was like wow!” said veteran journalist Lee Bey. “Every bathroom had a Jet in it. The coffee table had Ebony.”

The publications covered every aspect of African American life and was published here in Chicago for more than 70 years.

“It was a national magazine but it had a Chicago heart,” Bey said.

Chicago employees will stay, CEO Linda Johnson-Rice says, and the new owner is an African-American private equity firm.

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“They love Ebony. They love Jet. They’ve grown up with it, so they have an affinity for it, and that was very, very important to me,” Johnson-Rice told Williams.

Former Ebony managing editor Lynn Norment is relieved the new owners are black and understands why Johnson-Rice is selling her family’s company.

“She has to make tough decisions. It’s just a different media world.”

The media landscape has been changed by the Internet, which has driven down revenue for all publishing companies.

“The expectation from the consumer is that I can get it for free,” Bey said.

Linda Johnson-Rice says Ebony and Jet — online and in print — will thrive.

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“There’s so much more to come. There’s so much more than just a magazine. As we say about Ebony, it’s more than a magazine, it’s a movement.”