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Ice Cube’s RSNs Investment Group Adds Former Laker Magic Johnson

Bloomberg

 

Earlier this month, Magic Johnson decided to step down from his President of Basketball Operations with the Los Angeles Lakers. Johnson cited that he was not having fun anymore and he could not be the big brother to people like he used to.

“Today, I’m going to step down as president,” the former NBA superstar told a scrum of reporters on April 10th. Before the Los Angeles Lakers were to play their last game of the season. “I was happier when I wasn’t the president,” Johnson.

Johnson was currently in his second season as President of the Lakers and rumored to be making $10 million per season according to Lakers Nation.  Before Johnson to the job two years ago, he lived the simple life as he put it as a wealthy businessman and he was beloved by former players and current players. He didn’t tell Lakers owner Jeanie Buss or general manager Rob Pelinka of his intentions to retire in private. Instead, Johnson decided to inform the media because according to him, he felt Buss would have tried to talk him out of it and he would most likely have stayed.

“Somebody is going to have to tell my boss, because I know she’s going to be sick,” Johnson said. “But I knew I couldn’t face her face-to-face and tell her.”

Eventually, word got back to Buss and he tweeted a response to the shocking news.

“Earvin, I loved working side by side with you,” Buss wrote. “You’ve brought us a long way. We will continue the journey. We love you.”

The Lakers organization would also release an official statement at half-time against the Blazers.

“There is no greater Los Angeles Laker than Earvin Johnson,” it said. “We are deeply grateful to Magic for all that he has done for our franchise as a player, an ambassador, and an executive. … He will always be not only a Lakers icon, but our family. As we begin the process of moving forward, we will work in a measured and methodical fashion to make the right moves for the future of our organization.”


On April 17th, Ice Cube announced that he was “Very happy to add Magic Johnson to our bidding group for Disney’s RSNs.“

According to Biz Journals, Ice Cube has already partnered with billionaire Carolyn Rafaelian, investment bank Macquarie Group and private equity company Centerbridge Partners for their bid to present to Disney.

Historically, RSNs have invested a lot of financial capital in game production and pre- and postgame shows.  In the off-hours they are typically occupied by paid programming or low-cost programs. Ice Cube is looking to go in a different direction if they land the winning bid. He wants to create programs that market towards the younger demographic, who are not watching in off-hours. He is also looking with his bid to provide diversity to their target audience.

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