Ebony to sell magazine's photo archives

CHICAGO (WLS) -- Ebony Magazine is ready to put a price on a priceless collection of photos.

Johnson Publishing of Chicago, the parent company of Ebony, plans to sell the magazine's entire photo archives.

The collection spans 70 years and chronicles some of the most important moments of African American history.

In all, there are about 5 million photographs.

The company hopes to sell the collection for about $40 million.