CHICAGO (AP) — Ebony and Jet magazines, which have chronicled African-American life for the past 71 years, have been sold to an Austin, Texas-based private equity firm.

Johnson Publishing Co. announced Tuesday that Ebony and digital-only Jet were sold to Clear View Group but didn’t disclose the sale price.

The Chicago Tribune reports Johnson Publishing will retain its Fashion Fair Cosmetics business and its Ebony photo archive, which is for sale.

Ebony magazine, founded by John Johnson, first hit the newsstands in 1945. It’s been hit by declining circulation and revenues in recent years.

Johnson’s daughter, Linda Johnson Rice, will serve as chairman emeritus on the board of the new company, Ebony Media Operations. Clear View Group chairman Michael Gibson says the company will retain its Chicago headquarters and much of its staff.

Associated Press