Essence Communications Inc. which is the multi-platform brand that owns Essence magazine is known to so many black and brown girls and women as one of the few longest standing (47 years old) print media outlets that speaks to us. But for over a decade Time Inc. has owned a majority stake in Essence Communications Inc. company. As of today Essence is now a 100% black owned company after it was acquired by Essence Ventures LLC.
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This business deal reestablishes Essence as a 100% Black-owned independent company. Essence Communications Inc. is now owned by Essence Ventures LLC. which is a 100% black owned company owned by Richelieu Dennis who also owns Sundial Brands.
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The Essence Ventures LLC, focuses on merging content, community and commerce, today announced its acquisition of multi-platform media company Essence Communications Inc. from Time Inc. ESSENCE President Michelle Ebanks will continue at the helm of the company and will also join its board of directors. In addition, the all Black female executive team of ESSENCE, including Ebanks, will have an equity stake in the business.
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“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.”
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Michelle Ebanks
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“ESSENCE has always embodied and evangelized what the world now sees – the sheer beauty, power and magic of Black women,” said Ebanks. “From her influence in politics and at the polls, mandate for social justice, and demand for economic inclusion to her impact on beauty culture, leadership in equal rights efforts, and catalyzation of community empowerment, she is at the forefront – driving the cultural phenomena that are positively changing the world. ESSENCE will continue to lead that charge with, for and beside her as the unparalleled platform for her voice.”
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