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Dear Stakeholder,
Over the past few weeks, the Board of Directors of EBONY Magazine has made a series of painful but necessary decisions. These decisions were made to restore honor and integrity to Ebony’s business operations and re-position EBONY Media to better serve the needs of Black Americans in the 21st century.
We recognize that change can be uncomfortable and unpleasant. However, we also recognize that change is often necessary. In the case of Ebony Media, it is an inescapable prerequisite for preserving this storied media institution.
We are analyzing every aspect of EBONY’s operations and making strategic choices that will give us the highest likelihood of success. Towards that end, the goal is to restructure the company’s debt and position EBONY for long-term financial viability. While we go through this critical process, we will double-down on our digital imprint being careful to ensure our content is culturally relevant and responsive to the challenges and opportunities facing Black Americans.
You may know that the recent bankruptcy petition follows a Board of Directors decision a few weeks back to make a leadership transition. These decisions on the part of Ebony and its creditors signify that the issues are significant. However, we view them as surmountable.
The Board of Directors of EBONY Magazine is committed to revitalizing the company, bolstering its brand and ensuring it is around to celebrate another 75 years. We have appreciated the positive recognition from our stakeholders throughout this process and the constructive feedback provided.
As we go through this process, we know that not everyone is cheering for us. In fact, there is an individual who is messaging employees, issuing fraudulent media releases and holding himself out to be an “Ebony owner” in an attempt to extort and intimidate management, the board and employees who are working hard to rebuild our beloved EBONY. We are pursuing every legal avenue to end the misrepresentations and fabrications lobbied against the Company and its Board of Directors.
While the work before us is great, the legacy of EBONY is worth fighting for. I am encouraged by the level of interest from the Black community, staff and others who want to see us win. Almost daily, we receive emails and calls from people who are eager to help and want to be a part of EBONY’s comeback story. We welcome everyone for not all the pages have been written. This is sure to be a comeback for the ages. Just watch!
With Appreciation,
Jacob Walthour Jr., Chairman
EBONY Magazine Board of Directors
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