Ebony Magazine is looking to auction off their photo archive which depicts the history of Black culture. If the sale is approved by the bankruptcy court, the archive will go up for sale this July.
The money that will be collected from Johnson Publishing would go to settling debts with numerous creditors. According to The Pantagraph, the Johnson Publishing company has already sold their Ebony and Jet magazines three years ago and has been searching for the ability to sell the photo archive since 2015.
The archive holds 4 million images from the civil rights era moving forward and includes rare images of Muhammad Ali and more. The collection is appraised at $46 million.
The list of creditors that Johnson Publishing has includes George Lucas and Mellody Hobson in association with their Capital V Holdings company, Macy’s, Hudson-Bay, and their former CEO Desiree Rogers.
“While the process is now in the hands of a Chapter 7 Trustee, Johnson Publishing Company is grateful for its 77 years of existence, and the unwavering loyalty, dedication and commitment of its employees, vendors and customers,” the company said in a news release. “The incredible legacy and impact of Johnson Publishing Company will always be honored and hold a proud place in the African-American experience.”
Johnson Publishing has been in existence since 1942. In addition to magazines, they also owned Fashion Fair cosmetics. The founder, John Johnson passed away in 2005.