Vibe Holdings is getting a much needed shot in the arm with news that businessman Earvin "Magic" Johnson Jr. is set to become chairman. Vibe Holdings is the parent company of Vibe Magazine as well as Soul Train.

Magic and investment firm Yucaipa Cos. put together an "eight figure deal" to make it happen.

"We know where they are and we know how to reach them," Johnson said. "They are loyal to our brands."

It's no secret Vibe Magazine in particular has struggled mightily over the last several years. Once distributed monthly, the magazine now is only delivered 6 times a year. In June 2009 the publication shut down due to a lack of advertisement dollars.

The magazine was originally founded by Quincy Jones and Time Warner in 1992, then sold to the Wicks Group in 2006.

Vibe relaunched in September 2009 with more focus placed on digital media through Vibe.com. After both were bought by InterMedia and Blackrock Digital.

Now the former NBA All-Star, Johnson looks to take not only the magazine, but the entire company to new heights.

Vibe Holdings is also the parent company of magazine publisher Uptown Media and more than 25 websites.

"We're open for more business," Johnson said. "We have an opportunity to take this to a whole other level."