Johnson Publishing, known for its iconic Ebony and Jet magazines, announced yesterday that it had sold the two publications to Clear View Group, a Texas based private equity firm.

The Chicago Tribune reported that Johnson Publishing will hold onto its Fashion Fair Cosmetics business and its Ebony photo archive that still remains up for sale.

Founded by John Johnson, Ebony was first published in 1945 but has been facing a decline in circulation and revenue.

Linda Johnson Rice, Johnson’s daughter, will serve as chairman emeritus on the board of the new company according to the Chicago Tribune.

"This is the next chapter in retaining the legacy that my father, John H. Johnson, built to ensure the celebration of African-Americans," Rice said in a statement obtained by the Chicago Tribune.

According to Michael Gibson, co-founder and chairman of  Clear View Group, the new publishing company, Ebony Media Operations, will maintain the magazine's Chicago headquarters and its New York editorial office, as well as much of the current staff.

"We made this purchase because this is an iconic brand, it's the most-recognized brand in the African-American community," Gibson, said. "We just think this is a great opportunity for us."