Ebony, Jet Sold To Texas Equity Firm

CHICAGO (CBS) -- Johnson Publishing has sold its iconic Ebony and Jet magazines to a Texas private equity firm.

It's the end of a 71-year run for the publisher, started by John H. Johnson, in Chicago.

Terms of the deal were not disclosed, but it allows Johnson Publishing to reduce debt incurred by its media holdings and continue to invest in its cosmetics company, Fashion Fair Cosmetics.

The company will retain its vast photo archive.

Linda Johnson Rice will continue as chairman of Johnson Publishing and chairman emeritus of Ebony Media Operations.

Desiree Rogers will continue as CEO of JPC, focusing her time on Fashion Fair Cosmetics.

"The overall strategy of separating these two distinct businesses--media and cosmetics--will ensure that both iconic brands are positioned for future investment and growth," Rogers said in a statement.