Business
Business
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Ebony’s Historic Photo Archive Sells for $30 Million to Group Led by J. Paul Getty Trust
Seven decades’ worth of historic Ebony magazine photos documenting black life, both the everyday and the extraordinary, sold for $30 million at auction to a group of philanthropic organizations led by the J. Paul Getty Trust. The photo collection was put up for sale to settle the debts of the magazine’s founding publisher, Johnson Publishing,…
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Meet the 4 Black Men Who Are Shaking Up the White Male-Dominated Venture Capital Investment World
The last few months have been a whirlwind for four young black businessmen who are quickly becoming superstars in the business investment arena. In a space long dominated by white men, these brothers are carving out a niche that champions investing in businesses owned by women and people of color. John Henry, a co-founder of…
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#ImWithKap: Nike’s Market Value Jumps $3 Billion After Colin Kaepernick Gets Betsy Ross Sneakers Pulled From Shelves
Republicans have been big mad since Nike decided to pull its Betsy Ross-inspired Air Max 1 USA sneakers. But it turns out that being on the right side of history just netted the footwear and apparel company a cool $3 billion in market value. Who knew pissing off conservatives could be so lucrative? Forbes reports…
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‘Inclusive by All Means’: Meet Donae Burston, the Black Spirits Guru Who Launched His Own Luxury Rosé
“Sipping rosé” has new meaning now that Donae Burston owns the brand La Fête du Rosé. Loosely translated as “Rosé Party,” Burston’s spirit creation, not to be confused with the traveling event of the same name, is an inclusive affair that acknowledges what we all know: Black people drink rosé. Like, a lot—and bougie black…
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Grind Like That to Shine Like This: Meek Mill Is Now the Co-Owner of Lids Hats
Meek Mill just got that “Bag of Money,” or as they say: When life imitates art. According to his recent interview with Business Insider, the 32-year-old rapper, born Robert Williams, is officially the co-owner of Lids. “You know, this is my boss year,” he told the publication. “A lot of what I’m doing, I’m trying…
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Shaquille O’Neal Wants In On the Sneaker Biz: ‘I Would Love to Purchase Reebok’
Since his retirement from the NBA in 2011, NBA Hall of Famer Shaquille O’Neal has been just as dominant as he was on the court. His estimated net worth of over $400 million is a byproduct of a diverse portfolio that includes franchise ownership, investments and lucrative endorsements with companies like Gold Bold and Carnival…
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Black Unemployment Rate for April 90 Percent Higher Than US Rate Overall
Headlines have been heralding the nation having the lowest unemployment rate in almost 50 years, but the jobless rate for black people is almost 90 percent higher than the national rate and higher than every other racial demographic in the nation. The nation’s unemployment rate dropped to 3.6 percent in April, the lowest level since…
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Star Power: Mellody Hobson and George Lucas Vie for Control of Ebony, Jet Photo Archives
Financier Mellody Hobson and her husband, Star Wars movie mogul George Lucas, are taking steps to take control of Ebony and Jet’s massive archive of historic photos, chronicling African-American life over the last seven decades. The archive is uninsured and at risk, as it was used as collateral to secure a $12 million loan to…
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Just in Time for 420: Carl's Jr. Laces Us With a CBD-Laced Burger
Just in time for National Weed Day, aka 420, aka tomorrow, April 20, the Carl’s Jr. burger chain is bringing out a special offering—one that could whet the appetites of those who may have the munchies after deciding to indulge in a little bud. Dubbed the Rocky Mountain High Cheese Burger Delight, the new gastronomic…
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Sales of Nipsey Hussle’s Music Skyrocket 2,776 Percent Since His Tragic Death
It what may be cold comfort as fans, friends and family continue to mourn Nipsey Hussle, sales of the independent rapper’s music have risen 2,776 percent since his untimely death. Initial reports to Nielsen show that on the day of his death, Sunday, Hussle’s songs and albums “sold a combined 15,000 copies—up 2,776 percent compared…