7 Businesses That Went From Black-Owned To Corporate Entities

Essence Communications Partners – acquired by Time Inc. in 2005 in a transaction reported to be valued $170 million

Essence Magazine, a major publication targeted at African-American women, was for a long time the premier success story amongst black-owned businesses – its 35-year publishing history standing as a stark testament of the perseverance of its creators and the relevance of its material. With a circulation figure of 1.1 million and a well-established reader base, Essence Magazine was an appealing acquisition option for media conglomerate Time Warner as it was increasingly trying to court minority demographics. In 2000, Time Inc., a subsidiary of Time Warner, secured a major stake in Essence magazine by purchasing 49% of Essence Communications, the magazine’s parent company. However, the acquisition was not complete until 2005, when Time Inc. obtained the remaining 51% in a deal reportedly valued at around $170 million.