According to published reports, basketball Hall of Famer, Earvin "Magic" Johnson, is quietly making moves that could result in acquiring controlling interest in Inner City Broadcasting Corp. and its flagship radio stations in New York, WBLS-FM and WLIB-AM. Thedeal.com reported that ICBC's debt of over $230 million currently held by Goldman Sachs and GE Capital will be changing hands to Magic Johnson Enterprises and Ron Burkle's Yucaipa Companies. The pair have already joined forces to make a number of media moves. The MJE and Yucaipa partnership earlier this year purchased controlling interest in Vibe Holdings, which includes Vibe and Uptown magazines, and the Soul Train TV archives and name. Most recently it made moves to buy three FM stations in the Phoenix metro area.Continue reading