On July 24, 2002, Black Enterprise publisher Earl G. Graves, along with basketball legend Magic Johnson, signed an agreement to purchase Pepsi-Cola of Washington, D.C. This deal made them the owners of the largest minority-controlled Pepsi-Cola franchise in the United States at that time. The acquisition was significant not only because it demonstrated the growing influence of African American entrepreneurs in corporate America but also as a strategic move to expand their business portfolios.
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