Last year, I wrote about the dire state of black journalism after the abrupt dismantling of Vanguarde Media and its publications, particularly, Savoy and Honey magazines.
Recently, publishing company Black Book Media Corp. acquired Honey magazine at a court-appointed bankruptcy auction last month in New York. The company is not black-owned, but does have African-American shareholders.
And now it looks like Savoy magazine will live again, but under new management.
Jungle Media, a New York multi-media company, bought the African-American lifestyle magazine at a bankruptcy auction in May for $375,000. Then the company re-sold it to Hermene Hartman, a "fiery" publisher of a Chicago-based African-American weekly called N'Digo, for $600,000.
"It's a great business opportunity," says Hartman, pictured left, about the acquistion (via Target Market News). "I think Savoy is an excellent magazine and it needs to stay alive. There's a carved-out market, there's a carved-out reader and it's the same reader that N'Digo addressed in Chicago. I see the same niche and I see the same opportunity."
I'm not familiar with N'Digo. But according to its website, the publication was founded by Hartman in December 1989 as a monthly lifestyle tabloid focusing on Chicago's African-American celebrities and newsmakers. It started out as a publication with a weekly circulation of 50,000 and now boasts a 7-day readership of 500,000. Hartman hopes to re-launch Savoy into the marketplace in 2005. She reportedly plans to talk to the former editors of Savoy for some words of wisdom and input. The magazine will be based in Chicago.
This is promising news. It's important that our black artistry will continue to grow with the resurrection of these urban lifestyle publications. The words, wisdoms and visions from the African-American Diaspora are desperately needed in the publishing world.
Good luck to all parties involved in this acquisition.