Displaying items by tag: Mergers and Acquisitions

While many hip hop artists brag about buying luxury items, Chance the Rapper dropped a new single boasting about his recent purchase of a news website in order to run “racists b—–s out of business.”

The 25-year-old Chicago native announced in a song titled “I Might Need Security” that he now owns the Chicagoist.com, a local news, food, and culture outlet, rapping:

“I got a hit-list so long I don’t know how to finish, I bought the Chicagoist just to run you racist b—-s out of business.”

In the politically charged song, Chance raps over a vocal loop of Jamie Foxx repeatedly singing “f–k you” and calls for the resignation of Chicago’s embattled mayor, Rahm Emanuel. The entertainer also accuses Emanuel of granting paid suspensions to police officers who’ve fatally shot unarmed black people.

According to the Chicagoist’s sister site the Gothamist, Chance’s newly formed company, Social Media LLC, purchased the site from New York Public Radio’s WNYC station, which acquired both the Chicagoist and the Gothmaist as well as the other -ist network of sites in February. Terms of the deal have not been disclosed.

“I’m extremely excited to be continuing the work of the Chicagoist, an integral local platform for Chicago news, events and entertainment,” said Chance in a statement. “WNYC’s commitment to finding homes for the -ist brands, including Chicagoist, was an essential part of continuing the legacy and integrity of the site. I look forward to relaunching it and bringing the people of Chicago an independent media outlet focused on amplifying diverse voices and content.”

Laura Walker, the president and CEO of New York Public Radio, also released a statement, saying:

“We are delighted that the Chicagoist assets are finding a new home in the hands of a proud Chicagoan. WNYC has a strong commitment to local journalism and building community, and we are pleased that these assets will be used to support local coverage in the great city of Chicago.”

In addition to combatting racism, Chance’s nonprofit SocialWorks has helped the homeless, empowered Chicago public school students learning how to code, and funded college-bound high school students. Now, with Social Media LLC, Chance promises to promote local investigative journalism, diversity, and representation for people of color in the media.

Source http://www.blackenterprise.com/chance-the-rapper-media-racism/

Bryon Allen, a comedian-turned-business mogul, acquired the Weather Channel for $300 million through his company Entertainment Studios, according to reports.

Last week marked the end of an era for the historic Chicago-based Johnson Publishing Co.After a 71-year run, the family-owned business has sold its iconic Ebony magazine and the now digital-only Jet magazine to Clear View Group, a private equity firm in Denton, Texas. Johnson Publishing retained ownership of Fashion Fair cosmetics and its photo...

After a 71-year run, Johnson Publishing is getting out of publishing, selling Ebony and Jet Magazines...

Entertainment Studios, Inc., one of the largest independent producers and distributors of first-run syndicated television programming, has acquired the digital news platform TheGrio......

Federal regulators approved the sale of two FOX TV affiliates to Pluria Marshall Jr., president and CEO of Houston-based Marshall Broadcasting Group   ...

Former BET chairman and CEO Robert L. Johnson announced that his company RLJ Equity Partners has purchased a Virginia-based, family-owned waste hauling company, R. Thompson Trucking.R. Thompson Trucking, which has a fleet of over 150 tractors, 100 dump trucks and 500 trailers, works with industrial recyclers and waste collection companies in...

Len Burnett, a co-founder of Uptown Magazine, has bought back the magazine he helped launch.According to the New York Post, Burnett bought the title back from Vibe Holdings, which acquired it in 2011. The deal, which closed before the end of year is for an unspecified amount and no terms were disclosed.Burnett said his new company is backed by...