After previous unsuccessful attempts to purchase JET & Ebony Magazine, Earvin “Magic” Johnson has successfully become the new main man at VIBE with a reported eight-figure deal. Deal calls for Magic to become the new Chairman of VIBE Holdings, the parent company of Vibe magazine and music-and-dance TV show Soul Train, the Wall Street Journal reported. Magic Johnson Enterprises has teamed with Ron Burkle’s Yucaipa Cos. on the deal.

“We intend to build one of the most important enterprises in urban media,” Burkle stated.

Vibe plans to use the new infusion of cash to invest in more African-American media assets. It previously closed down in June 2009 but was then relaunched as a print magazine and online network. Hopefully Magic can boost up the once prominent VIBE name. Just as long as he doesn’t decide to do another talk show.