CHICAGO— Iconic photo archives from Ebony and Jet Magazines were bought on Friday for $30 million by a group of non-profit foundations.
The historic collection includes more than 3.5 million pictures and 10 thousand videos taken over 70 years.
The collection will go to the Smithsonian National Museum of African American History and Culture, the Getty Research Institute and other cultural institutions.
The money from the sale will be used to pay off the debts for Johnson Publishing, which filed for Chapter 7 bankruptcy in April.
The sale must still be approved by a bankruptcy judge, which could be completed as soon as Saturday.