NEW ESSENCE
"Essence magazine has officially parted ways with Time Inc., making it a fully black-owned company for the first time in nearly two decades.
Essence Ventures, a company launched last year by Sundial Brands co-founder Richelieu Dennis, announced Wednesday that it had acquired Essence Communications.
Michelle Ebanks will remain the magazine’s president and is set to join the board of directors... Members of the executive team, which is made up entirely of black women, are to have an equity stake in business...
Essence was founded in 1970 as a publication to cater to black women. Forty-nine percent of the magazine was sold to Time Inc. in 2000, and the remaining 51 percent was sold to the media company five years later."
Essence Magazine Returns to Black Ownership
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| Essence magazine cover |
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