On Jan. 3, Essence Ventures LLC—an independent African-American owned content-focused company—announced its acquisition of Essence Communications from Time Inc. This solidifies the company as completely black owned.
Richelieu Dennis, founder and chairperson of Essence Ventures says he is ecstatic about working with the all black female executive team run by Michelle Ebanks. “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 Dennis.
Essence President Michelle Ebanks will continue to lead the company and will also join its board of directors. The entire executive team will also be given stake in the company.
“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,” Ebanks said. “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 was founded in 1970 and currently reaches a global audience of more than 16 million across its various platforms encompassing its signature print magazine; digital, video and social platforms; television specials, including the Black Women in Hollywood Awards on OWN: The Oprah Winfrey Network; books; and live events, including the Street Style Block Party during New York Fashion Week and the annual Essence Festival, a cultural celebration that debuted in 1995 and is now one of the country’s largest annual events, attracting more than 450,000 attendees.
Congratulations to the new owners and co-owners of Essence! This is truly a win for our culture and community!
Latest posts by Nicole Denise (see all)
- Just What The Doctor Ordered: Black-Owned Tax Office Opens In Northwood - January 6, 2018
- Bruno Mars’ New Video Finesses Audiences In Living Color - January 4, 2018
- Essence Is Again 100% Black Owned - January 4, 2018