Essence Magazine Is 100 Percent Black Owned Once Again
Today, Essence Ventures LLC, an independent African-American owned company announced its acquisition of Essence Communications Inc. from Time Inc.
The buy ensures that Essence is once again a 100 percent Black-owned company, with its all Black female executive leadership owning stake in the brand.
Essence President Michelle Ebanks will maintain her role in the company and join its board of directors.
In a press release, Ebanks said:
“This acquisition of ESSENCE represents the beginning of an exciting transformation of our iconic brand as it evolves to serve the needs and interests of multigenerational Black women around the world in an even more elevated and comprehensive way across print, digital, e-commerce and experiential platforms,” said Ebanks. “In addition, it represents a critical recognition, centering and elevation of the Black women running the business from solely a leadership position to a co-ownership position.”
Essence Ventures will focus on expanding the digital business, supplement international growth with the magazine, digital properties and successful live events.
Richelieu Dennis, founder and chairperson of Essence Ventures, (launched in 2017), and of Shea Moisture said, “The strategic vision and leadership that Michelle has provided to ESSENCE over the years have been exemplary, and we are thrilled to work with her and her talented team to provide the necessary resources and support to continue to grow the engagement and influence of the ESSENCE brand and transform this business,” said Richelieu Dennis. “As importantly, we are excited to be able to return this culturally relevant and historically significant platform to ownership by the people and the consumers whom it serves and offer new opportunities for the women leading the business to also be partners in the business.”