Magic Johnson Enterprises
Encyclopedia
Magic Johnson Enterprises is a company owned by former basketball
superstar Magic Johnson
. It owns various movie theatres and restaurants in the United States
, including several Starbucks
, Sodexo, T.G.I. Friday's
and Burger King
locations. The company is affiliated and partnered with Carlson Companies
.
The Beverly Hills-based Magic Johnson Enterprises has AMC Magic Johnson Theatres
in four cities, 116 Starbucks
in 14 states and Washington, 31 Burger King
restaurants in the Southeast, and 13 24-Hour Fitness
/Magic Johnson Sport health clubs. Johnson owned a nearly 5% share of the Lakers, until its sale to Patrick Soon-Shiong
in 2010. In March 2008 Johnson signed a multiyear marketing deal to help electronics retailer Best Buy
Co. bolster sales in urban neighborhoods.
Johnson's urban investments were formed in 1998 as the Canyon-Johnson Urban Fund, an alliance with Canyon Capital. The alliance has financed 31 real estate developments in 13 states and Washington. The first Canyon-Johnson Urban Fund struggled for two years to raise $300 million to invest in urban neighborhoods. A subsequent fund raised $600 million while the third and biggest investment fund was started in April 2008 and drew $1 billion from pension funds and other investors.
After some criticism that he only invested with others money, in 1995 Johnson took an equity stake along with what was then the Loews
chain in the 12-screen movie theater in Baldwin Hills. Three years later, he opened a Starbucks coffee shop in South L.A. and remains the Seattle-based coffee company's only joint-venture partner.
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 in Hollywood, which was built for $125 million and sold for $160 million.
Johnson's son Andre works at Canyon-Johnson Urban Funds and manages business development for Magic Johnson Enterprises.
Basketball
Basketball is a team sport in which two teams of five players try to score points by throwing or "shooting" a ball through the top of a basketball hoop while following a set of rules...
superstar Magic Johnson
Magic Johnson
Earvin "Magic" Johnson Jr. is a retired American professional basketball player who played point guard for the Los Angeles Lakers of the National Basketball Association . After winning championships in high school and college, Johnson was selected first overall in the 1979 NBA Draft by the Lakers...
. It owns various movie theatres and restaurants in the United States
United States
The United States of America is a federal constitutional republic comprising fifty states and a federal district...
, including several Starbucks
Starbucks
Starbucks Corporation is an international coffee and coffeehouse chain based in Seattle, Washington. Starbucks is the largest coffeehouse company in the world, with 17,009 stores in 55 countries, including over 11,000 in the United States, over 1,000 in Canada, over 700 in the United Kingdom, and...
, Sodexo, T.G.I. Friday's
T.G.I. Friday's
T.G.I. Friday's is an American restaurant chain focusing on casual dining. The company is a unit of the Carlson Companies. Its name is taken from the expression TGIF...
and Burger King
Burger King
Burger King, often abbreviated as BK, is a global chain of hamburger fast food restaurants headquartered in unincorporated Miami-Dade County, Florida, United States. The company began in 1953 as Insta-Burger King, a Jacksonville, Florida-based restaurant chain...
locations. The company is affiliated and partnered with Carlson Companies
Carlson Companies
Carlson is a privately held international corporation in the hotel, restaurant, and travel industries. Headquartered in Minnetonka, Minnesota, near Minneapolis, Carlson brands and services, including franchised operations, employ more than 170,000 people in more than 150 countries and territories...
.
The Beverly Hills-based Magic Johnson Enterprises has AMC Magic Johnson Theatres
AMC Theatres
AMC Theatres , officially known as AMC Entertainment, Inc., is the second largest movie theater chain in North America with 5,325 screens, second only to Regal Entertainment Group, and one of the United States's four national cinema chains AMC Theatres (American Multi-Cinema), officially known as...
in four cities, 116 Starbucks
Starbucks
Starbucks Corporation is an international coffee and coffeehouse chain based in Seattle, Washington. Starbucks is the largest coffeehouse company in the world, with 17,009 stores in 55 countries, including over 11,000 in the United States, over 1,000 in Canada, over 700 in the United Kingdom, and...
in 14 states and Washington, 31 Burger King
Burger King
Burger King, often abbreviated as BK, is a global chain of hamburger fast food restaurants headquartered in unincorporated Miami-Dade County, Florida, United States. The company began in 1953 as Insta-Burger King, a Jacksonville, Florida-based restaurant chain...
restaurants in the Southeast, and 13 24-Hour Fitness
24-Hour Fitness
24 Hour Fitness is the world's largest privately owned and operated fitness center chain, and third in number of clubs behind Gold's Gym and Fitness First of the UK. It currently has 425 clubs and over 20,000 employees in the U.S.A. The company has its corporate office located in San Ramon,...
/Magic Johnson Sport health clubs. Johnson owned a nearly 5% share of the Lakers, until its sale to Patrick Soon-Shiong
Patrick Soon-Shiong
Patrick Soon-Shiong is a South African-American surgeon who was founder, chairman, and CEO of Abraxis BioScience, a biotechnology company developing cancer treatment. He is co-developer of the metastatic breast cancer treatment drug Abraxane....
in 2010. In March 2008 Johnson signed a multiyear marketing deal to help electronics retailer Best Buy
Best Buy
Best Buy Co., Inc. is an American specialty retailer of consumer electronics in the United States, accounting for 19% of the market. It also operates in Mexico, Canada & China. The company's subsidiaries include Geek Squad, CinemaNow, Magnolia Audio Video, Pacific Sales, and, in Canada operates...
Co. bolster sales in urban neighborhoods.
Johnson's urban investments were formed in 1998 as the Canyon-Johnson Urban Fund, an alliance with Canyon Capital. The alliance has financed 31 real estate developments in 13 states and Washington. The first Canyon-Johnson Urban Fund struggled for two years to raise $300 million to invest in urban neighborhoods. A subsequent fund raised $600 million while the third and biggest investment fund was started in April 2008 and drew $1 billion from pension funds and other investors.
After some criticism that he only invested with others money, in 1995 Johnson took an equity stake along with what was then the Loews
Loews Cineplex Entertainment
Loews Theatres, aka Loews Incorporated , founded in 1904 by Marcus Loew and Brantford Schwartz, was the oldest theater chain operating in North America until it merged with AMC Theatres on January 26, 2006. From 1924 until 1959, it was also the parent company of Metro-Goldwyn-Mayer Studios. The...
chain in the 12-screen movie theater in Baldwin Hills. Three years later, he opened a Starbucks coffee shop in South L.A. and remains the Seattle-based coffee company's only joint-venture partner.
The Canyon-Johnson fund was involved in the $100-million purchase of the 32-story former Transamerica Center complex in downtown Los Angeles
Los Ángeles
Los Ángeles is the capital of the province of Biobío, in the commune of the same name, in Region VIII , in the center-south of Chile. It is located between the Laja and Biobío rivers. The population is 123,445 inhabitants...
that subsequently was renovated and sold for $205 million. The fund also had a stake in Sunset+Vine in Hollywood, which was built for $125 million and sold for $160 million.
Johnson's son Andre works at Canyon-Johnson Urban Funds and manages business development for Magic Johnson Enterprises.