Essence Magazine back to being 100% Black owned.

[Alexander The Great]

ESSENCE Magazine was acquired by Essence Ventures, LLC on Wednesday in a deal that led way for the beloved black women's magazine to now be 100 percent black-owned.

Essence Ventures, which is an independent African-American owned company focused on merging content, community and commerce, acquired the magazine from Time, Inc.

“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 ESSENCE President Michelle 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.”

Ebanks will maintain an equity stake in the business. Essence Ventures' goal is to expand ESSENCE's digital business via distribution partnerships, compelling original content and targeted client-first strategies and growing its international market.

“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, founder and chairperson of Essence Ventures and CEO of SunDial Brands. “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.”

ESSENCE launched in 1970 and has since become a standard for celebrating diverse images of black women. Its brand has extended to black girl magical events such as the ESSENCE Festival in New Orleans.

Majority Black ownership is sorely needed in media

 

[Memorial Stadium Piru]

Black ownership doesn't matter if the owners are c00ns

I'd like to see the partners of Essence Ventures

EDIT: It's the nikka that owns Shea Moisture

 

[Easy-E]

Now a black owned biz will be ignoring black men to appeal with black feminist and white women!

 

[Bunchy Carter]

Black ownership doesn't matter if the owners are c00ns

I'd like to see the partners of Essence Ventures

EDIT: It's the nikka that owns Shea Moisture

The brother that owns Shea Moisture, who was getting boycotted by some black women, turned around and bought a magazine company, who was white owned and targeted the same black women who wanted to boycott him and now they are rejoicing because essence is now black owned.

 

[Bunchy Carter]

Founder of Shea Moisture, Richelieu Dennis, Acquires Essence From Time Inc.

Angela Helm
Today 3:15pm
Filed to:ESSENCE MAGAZINE

CEO of SheaMoisture Richelieu Dennis on Feb. 15, 2015, in New York City. (Bennett Raglin/Getty Images for SheaMoisture)

Essence Communications Inc., the 47-year-old mutliplatform brand that owns Essence magazine and the annual Essence Festival, has gone back to black (ownership), having been acquired by Essence Ventures LLC, an independent African-American-owned company, Essence Ventures announced in a press release.

As reported earlier by Journal-isms for The Root, the Essence brand was not part of the historic, nearly $3 billion sale of Time Inc. to the Meredith Corp. in November 2017.

The brand was looking for another buyer, and has apparently found one with Essence Ventures, which was founded and is chaired by Richelieu Dennis, who also is founder of Shea Moisture (In November, Unilever acquired the parent company for Shea Moisture, Sundial Brands).

“ . . . [W]e 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,” said Dennis of the Essence brand acquisition.


Essence President Michelle Ebanks will continue at the helm of the company and will join its board of directors; she will also have an equity stake in the business.

“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.”

Ebanks is referring to the fact that Essence’s executive team consists entirely of black women.

The release states further that Essence will focus on expanding its digital businesses and continue to “plant its rich content” in more global markets (the Essence Festival launched a Durban, South Africa, festival in 2016).

Essence currently reaches a global audience of more than 16 million across its various platforms, including its print magazine; digital, video and social platforms; television specials; books; and live events, such as the annual Essence Festival, a 22-year-old cultural celebration that attracted more than 450,000 attendees to New Orleans this summer.

Terms of the transaction were not disclosed

 

[ORDER_66]

We'll see.....

 

[EBK String]

The brother that owns Shea Moisture, who was getting boycotted by some black women, turned around and bought a magazine company, who was white owned and targeted the same black women who wanted to boycott him and now they are rejoicing because the essence is now black owned.

That first meeting with all the shea butter writers who talked shyt about him. Brother making power moves.

 

[8WON6]

these types of publications have burned their bridge with me. No going back. Seems like they are targeting "women of color" going forward based on the visual in the tweet anyways. So

 

[Apollo Creed]

The brother that owns Shea Moisture, who was getting boycotted by some black women, turned around and bought a magazine company, who was white owned and targeted the same black women who wanted to boycott him and now they are rejoicing because the essence is now black owned.

The difference between Men and women. We build they whine.

 

[Rekkapryde]

The brother that owns Shea Moisture, who was getting boycotted by some black women, turned around and bought a magazine company, who was white owned and targeted the same black women who wanted to boycott him and now they are rejoicing because the essence is now black owned.

Example #10329309 why I don't pay black clowns on social media any attention with their fukkery.

 

[Po pimp]

these types of publications have burned their bridge with me. No going back. Seems like they are targeting "women of color" going forward based on the visual in the tweet anyways. So

Probably why the white owners sold it because it was beginning to lose support.

 

[newworldafro]

these types of publications have burned their bridge with me. No going back. Seems like they are targeting "women of color" going forward based on the visual in the tweet anyways. So

Yeah. That is the question....how Intersectional are they going to take it?...

 

[omnifax]

Given the public outrage after the Shea Moisture marketing fiasco do you think black women will support Essence magazine now that they know he is the owner/running it?

 

[Strapped]

Just grab em by da biscuits