Magic Johnson Theatres is a movie theater chain that was developed in 1994 by Johnson Development Corporation, the business holding of basketball player-turned-entrepreneur Magic Johnson, and Sony Pictures Entertainment through a partnership with Sony-Loews Theatres. The chain’s former locations are currently owned by AMC Theatres, after Sony-Loews was acquired by that company in 2006. The chain’s former locations are still branded Magic Johnson Theatres but are solely controlled by AMC.
Magic Johnson sold the theaters to Loews Cineplex Entertainment in 2004 (which was later taken over by AMC Entertainment in 2006), according to the company. The cinema was later purchased by an independent movie theater operator and renamed the O Theater, but it struggled and closed. The modern megaplex was in business for only a short time, opening in November 1999 and closing on June 28, 2001, as a result of the Loews Cineplex bankruptcy. The reason for the demolition of the theater is the construction of affordable housing, led by Minnesota-based development company Dominium. Two of the six original Magic Johnson-branded theaters remain open, in Harlem in New York City and suburban Washington, D.C., though he doesn’t own either of them.
In December 2019, a novel coronavirus strain (SARS-CoV-2) emerged in the city. Magic Johnson’s ownership of a theater chain was made official in 2020 when it was announced that he and other investors had purchased the iconic Regal theater.
📹 Magic Johnson’s Abandoned Movie Theatre Exploration
Today we explore NBA Star, Magic Johnson’s once astonishing movie theatre, join us to see what is now left behind. Intro music: …
What is Magic Johnson’s net worth today?
Magic Johnson, a former NBA player, has become a billionaire, worth $1. 2 billion, thanks to investments in various professional sports teams and a life insurance company. Johnson, who earned around $40 million as a Los Angeles Lakers player, built his wealth through joint venture partnerships in various industries, including movie theaters, Starbucks franchises, real estate, and healthcare. His majority of his fortune comes from a 60-percent stake in Equitrust, which has grown from $16 billion in assets under management to $26 billion since 2015.
He also owns small stakes in various sports teams, including the NFL’s Washington Commanders, MLB’s Los Angeles Dodgers, WNBA’s Los Angeles Sparks, and MLS’ LAFC. Johnson is the fourth athlete billionaire Forbes has identified, following Michael Jordan, Tiger Woods, and LeBron James. Before the 1979 NBA Draft, Nike offered Johnson stock in the company and royalties on shoe sales, but he declined in favor of $100, 000 per year cash from Converse.
How many Burger Kings does Magic Johnson own?
Magic Johnson Enterprises, a subsidiary of his business empire, included numerous locations, including 24 Hour Fitness centers, Starbucks, Burger Kings, movie theaters, malls, and a T. G. I. Friday’s. In 1994, he purchased 4. 5 percent of the Lakers for $10 million and subsequently sold that stake to Patrick Soon-Shiong in 2010.
Who is the only NBA billionaire?
Jordan, the wealthiest retired athlete globally, has a net worth of 1. 7 billion dollars, despite his successful basketball career.
Why did Isiah Thomas and Magic Johnson fall out?
Magic and Isiah, who were once on a bad terms, had a relationship that suffered another blow in 1991 when Magic tested positive for HIV. Isiah denied spreading rumors about his sexuality, which led to Thomas not being in the Dream Team. The two men continued to grow apart over the years, but in 2017, they finally reunited in an emotional 1-on-1 interview, marking a beautiful moment in their long-standing friendship.
What age did Magic Johnson stop playing?
In 1996, Magic Johnson, then aged 36, retired from the National Basketball Association (NBA). Four years later, he demonstrated his continued proficiency in the sport he had previously dominated, as evidenced by the resurfacing of a video of him playing for a Swedish team called Magic M7. At the age of 40, Johnson demonstrated his continued proficiency in the sport by participating in a five-game series with the aforementioned team.
How many Starbucks does Magic Johnson own?
Magic Johnson Enterprises is an investment company focusing on movie theaters, restaurants, and real estate. It was the only Starbucks franchisee, owning 125 franchises across the country. The company has since sold all of its franchises. It also offers deals and investments in media, sports tech, music, film, TV, big tech, and AI. The company’s work includes investments, advisory, careers, terms and conditions, and privacy policy.
Who did Magic Johnson fear?
Magic Johnson, known for his exceptional skills and charisma, faced significant challenges from his rival Larry Bird in the NBA. Despite Bird’s lack of grace and athleticism, Magic acknowledged that he feared him every time they faced off. Throughout his career, Magic viewed Bird as the only player he was afraid of, a sign of deep respect for his opponent’s style of play. He expressed his admiration for Bird, stating that he spent sleepless nights preparing for him and that the highest respect one can pay to any player is fearing him. This deep respect for Bird’s determination and unwavering determination to win was evident in their unusual relationship and their mutual respect.
Why did Magic Johnson stop?
Before the 1992-93 NBA season, Johnson announced his intention to stage an NBA comeback. After practicing and playing in several pre-season games, he retired before the start of the regular season due to controversy over his return. In an August 2011 interview, Johnson said that in retrospect, he wished that he had never retired after being diagnosed with HIV. He said that despite the physical, highly competitive practices and scrimmages leading up to the 1992 Olympics, some of those same teammates still expressed concerns about his return to the NBA.
During his retirement, Johnson has written a book on safe sex, run several businesses, worked for NBC as a commentator, and toured Asia, Australia, and New Zealand with a basketball team of former college and NBA players. In 1985, he created “A Midsummer Night’s Magic”, a yearly charity event that included a celebrity basketball game and a black tie dinner. The proceeds went to the United Negro College Fund, and Johnson held this event for twenty years, ending in 2005.
Johnson returned to the NBA as coach for the Lakers near the end of the 1993–94 NBA season, replacing Randy Pfund and Bill Bertka. He admitted that his health was not an issue and downplayed questions about returning as a player. Amid speculation from general manager Jerry West that he may only coach until the end of the season, Johnson took over a team with a 28–38 record and won his first game as head coach, a 110–101 victory over the Milwaukee Bucks.
Johnson signed a separate contract to coach the team that had no compensation. The Lakers played well initially, winning five of their first six games under him, but after losing the next five games, he announced that he was resigning as coach after the season. His final record as a head coach was 5-11.
Who did Magic Johnson apologize to?
The speaker expresses gratitude for the role that divine intervention has played in reuniting them, acknowledging the painful circumstances that preceded this outcome and expressing gratitude for the positive result.
What places does Magic Johnson own?
Magic Johnson Enterprises, formerly known as Magic Johnson Theatres and 24-Hour Fitness, has invested in various businesses, including the Los Angeles Lakers, movie theaters, and restaurants. In 1995, it took an equity stake in a 12-screen multiplex movie theater in Baldwin Hills, now owned by Cinemark. In 1998, the company partnered with Starbucks to acquire around 125 stores, and in 2010, it sold 105 of these stores in a $100 million deal.
What does Magic Johnson own now?
In 2014, Magic Johnson led the purchase of Los Angeles Sparks with Guggenheim Partners, becoming part owner of Los Angeles FC in the same year. In 2023, Magic Johnson Enterprises purchased the Washington Commanders for $6. 05 billion. In 2024, Johnson invested in Washington Spirit, a NWSL club based in Washington DC. Johnson’s urban investments were formed in 2001 as the Canyon-Johnson Urban Fund, an alliance with Canyon Capital. The fund has financed 31 real estate developments in 13 states and the District of Columbia.
The first fund struggled to raise $300 million, but later raised $600 million. The third fund, started in 2008, drew $1 billion from pension funds and other investors. The Canyon-Johnson fund was involved in the $100-million purchase of the former Transamerica Center complex in downtown Los Angeles and had a stake in Sunset+Vine in Hollywood.
📹 1998 THROWBACK: “MAGIC JOHNSON THEATRES PROMOTE GOOD BEHAVIOR IN TEENS”
Magic Johnson Theatres is a chain of movie theaters, originally developed in 1994 by Johnson Development Corporation, the …
Magic is so underrated as a businessman. He was very shrewed while staying loyal to his community. He could have put his theatres in Beverly Hills or Calabasas, but he chose to put them in urban communities to make sure his people had quality entertainment. And to my knowledge, his theatres were very profitable. He proved that the black dollar is very powerful and that we do support our own. Beautiful black actions !! Love it👍
And guess folks … Magic Theaters(Atlanta) was nice as it settled in, but over the years it got hood and intolerable. Obnoxious children/teenagers would horseplay in the theaters an vestibules . It got so bad i wouldn’t go there at night . only during the day when it was less foot traffic.i saw The Players Club, Romeo Must Die, and Ali there . now its an abandoned building, a relic of its former self. Many businesses in the Greenbriar are closing or relocating