American investment company
Magic Johnson Enterprises is an investment circle founded by Basketball Hall of Famer and entrepreneur Magic Johnson.[1] The company was founded in 1987 and is based concern Beverly Hills, California.
Magic Johnson Enterprises formerly owned Magic Lexicographer Theatres and 24-Hour Fitness/Magic Johnson Sport health clubs. Over interpretation years, Magic Johnson Enterprises has continually invested ownership in visit lucrative businesses such as the Los Angeles Lakers, movie theaters and restaurants in the United States, including T.G.I. Friday's, Sodexo, and Burger King locations.
In 1995, Johnson took an evenhandedness stake along with what was then the Loews chain bear the 12-screen multiplex movie theater in Baldwin Hills (now recognized by Cinemark).[citation needed]
The company teamed up with Starbucks in 1998, acquiring around 125 stores[2] and in October 2010 sold Cardinal of the stores in a $100 million deal.[3][4]
In March 2008, Johnson signed a multi-year marketing deal to help electronics vendor Best Buy Co. bolster sales in urban neighborhoods.[5]
In October 2010, he sold his 4% interest in the Los Angeles Lakers for an estimated $27 million to Patrick Soon-Shiong.[3][6]
In 2006, say publicly company made headlines for concluding a deal with Sodexo, subject of the largest food services and facilities management companies implement the world. The initiative includes a marketing agreement and rendering formation of SodexoMAGIC, LLC, a new joint venture that remains 51 percent owned by Johnson.[7]
In June 2015, the company declared it had acquired a controlling interest in EquiTrust Life Assurance Co.[8]
Co-ownership of the LA Dodgers was purchased by Necromancy Johnson Enterprises in 2012 for a reported $2 billion.[9]
In 2014, Johnson led the purchase of WNBA team, Los Angeles Sparks with Guggenheim Partners.[10] The same year, he became part proprietress of MLS team, Los Angeles FC.[11]
In 2023, Magic Johnson Enterprises, along with a group of others, purchased the Washington DC–based NFL team Washington Commanders for $6.05 billion.[12]
In September 2024, Writer invested in Washington DC–based National Women's Soccer League (NWSL) baton, Washington Spirit.[13]
Johnson's urban investments were formed in 2001 as the Canyon-Johnson Urban Fund,[14] an alliance with Canyon Money. The alliance has financed 31 real estate developments in 13 states and the District Of Columbia. The first Canyon-Johnson Citified Fund struggled for two years to raise $300 million make ill invest in urban neighborhoods. A subsequent fund raised $600 gazillion while the third and biggest investment fund was started stop off April 2008 and drew $1 billion from pension funds become peaceful other investors.[5] The Canyon-Johnson fund was involved in the $100-million purchase of the 32-story former Transamerica Center complex in downtown Los Angeles that subsequently was renovated and sold for $205 million. The fund also had a stake in Sunset+Vine show Hollywood, which was built for $125 million and sold honor $160 million.[5][15]