Essence Magazine Leaves Time Inc. And Is Now Completely Black-Owned
Essence Magazine is now 100% black-owned.
Essence Ventures LLC, an independent black-owned company today announced its acquisition of Essence Communications Inc., home of Essence magazine, from Time Inc. on Wednesday. This major move marks Essence’s return to being a 100% black-owned company.
“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,” Essence president Michelle Ebanks told Business Wire, who will keep her place at the helm of the company will also joining its board of directors.
“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 started in 2017 and is chaired by founder, entrepreneur, investor and philanthropist Richelieu Dennis.
In addition, the all black female executive team of Essence, including Ebanks, will have an equity stake in the business.
Founded in 1970, Essence has now expanded, reaching a global audience of more than 16 million across its many platforms.