ESSENCE Magazine Returns To 100% Black Ownership After Acquistion By Essence Ventures
Look at Black women doing it big in 2018 already!
Essence Ventures LLC announced the acquisition of Essence Communications Inc. from Time Inc. today via press release! The company will keep ESSENCE President Michele Ebanks at the helm of the company and be appointed to its board of directors. The all-Black female excecutive team of ESSENCE, which includes Ebanks will hold an equity stake in the business as well.
“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”
“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.”
If you are wondering about who and what Essence Ventures is, we’re excited to tell you that Richelieu Dennis, the founder of Shea Moisture who just made big bucks on the sale of Sundial is the man behind the brand.
“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. “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.”
Dennis continued, “We remain committed to leveraging our resources to provide opportunities for other culturally-rooted entrepreneurs and businesses that further our culture and create economic opportunities for our communities. Our focus here will be on ensuring that Essence reaches its full potential via heightened capabilities, technology, products and touch points that super-serve the interests of Black women locally and globally. We look forward to helping generate new opportunities that create more value across the ESSENCE portfolio with unmatched content, commerce and international access for the millions of women it serves, as well as exceptional value for our advertising partners and content creators.”
Terms of the transaction have not been disclosed. Great news, riiiight?