Essence Acquisition By Essence Ventures, LLC From Time, Inc. Makes It A Completely Black-Owned Company
By:     -   January 3, 2018   -   Black Women  -  Business  -  Culture   -   0 Comments   -   125 Views
download

The year 2018 is already off to a great start. Today was a huge day in black media, as one of our staple publications, ESSENCE, is now a 100% Black-owned and independent company. This comes after its acquisition by independent Black-owned company, Essence Ventures, LLC,, from Time, Inc.

“ESSENCE has always embodied and evangelized what the world now sees – the sheer beauty, power and magic of Black women.” – Michelle Ebanks

Not only does the deal reestablish Essence as a Black-owned media space, but it’s executive team, consisting of Black women, will own equity stake in the brand. Furthermore, Michelle Ebanks will continue as President, and will also serve on its board of directors.

“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.” – Michelle Ebanks

Essence Ventures, LLC intends that this investment will forge growth in merging engaging and compelling content, while expanding partnerships.

download (1)

“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. 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. 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.” -Richelieu Dennis, Founder and Chair of Essence Ventures

 

ESSENCE was founded in 1970, reaches a worldwide audience of 16 million. and has been a go-to for lifestyle and empowerment of Black women.

Terms of the transaction were not disclosed.

About Essence Ventures

Essence Ventures is an independent African-American owned company focused on merging content, community and commerce to meet the evolving cultural and lifestyle needs of women of color. The company began in 2017 and is chaired by its founder – entrepreneur, investor and philanthropist Richelieu Dennis.

    SHARE THIS STORY !