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Buying Power report: Blacks spend as economy grows
New 16th edition shows $507 bil in spending



The finding comes from the 16th annual edition of "The Buying Power of Black America" report. In 2009, black households spent an estimated $507 billion in 27 product and services categories. ...

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Len Burnett inks deal to leave Vibe Holdings LLC and re-purchase Uptown magazine

(November 27, 2012) Len Burnett, Co-CEO, Group Publisher at Uptown Media Group, has left the company after striking a deal to buy back Uptown magazine from the Earvin "Magic" Johnson-backed company, Vibe Holdings LLC, according to industry watchers. The split follows the departure of Burnett's longtime partner, Co-CEO Brett Wright, who left the company in May. The two will re-unite as the co-owners of Uptown.

Calls for comment to Burnett and Uptown Media were not returned at press time. No financial details about the deal have been publicly released as of yet.

Uptown has been part of Vibe Holdings LLC for almost two years. It was combined with other media brands after Ron Burkle's and Earvin "Magic" Johnson's Yucaipa Johnson Fund and InterMedia Partners merged their Vibe and Uptown businesses with the BlackBook Media business and The Access Network Company. In addition to Vibe and Uptown, the company also owns the assets of the television show, Soul Train.

Uptown was founded by Burnett and Wright in 2004. It currently has a circulation of 300,000 and is distributed in New York, the Washington-Baltimore region, Chicago and Atlanta.

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