A bid that would have had basketball hall of famer Earvin “Magic” Johnson buying Ebony and Jet publisher Johnson Publishing has fallen through.

In a statement issued Monday, Johnson, who serves as chairman and chief executive of Magic Johnson Enterprises, said his company was unable to reach a deal to acquire the Chicago-based magazine publisher.

“Recently, an affiliate of Magic Johnson Enterprises and Johnson Publishing Company were in advanced discussions to do business together, but unfortunately we were unable to reach a definitive agreement,” Johnson said. “We will continue to look for opportunities to invest in African-American media.”

Eric Holoman, president of Los Angeles-based Magic Johnson Enterprises, said in a February 12 interview with Bloomberg that there had been discussions between Johnson and the publisher about an acquisition but no deal was in place. Magic Johnson Enterprises was founded more than two decades ago and has partnerships with several companies including T.G.I.Friday’s Inc., 24 Hour Fitness Worldwide Inc. and Starbucks Corp.

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