For the first time in nearly two decades, ESSENCE Magazine is black-owned company. This week, ESSENCE announced its parting with Time Inc. The magazine will now be under ESSENCE Ventures, LLC, a company launched last year by co-founder, Richelieu Dennis.
ESSENCE president, Michelle Ebanks will still hold down the reins and each member of the all-black female executive team will 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 a statement to the Business Wire. “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 magazine was founded in 1970 as a platform black women. Today it reaches over 16 million people through various digital, media and social media outlets.
