Power Moves: Essence Buys Back Ownership From Time, Inc. Making Them 100% Black-Owned

by Krystal Franklin

January 3, 2018

Photo by Earl Gibson III/Getty Images for ESSENCE

The folks over at Essence are starting the year off right! According to Business Wire, “Essence Ventures LLC, an independent African-American owned company focused on merging content, community and commerce, today announced its acquisition of multi-platform media company Essence Communications Inc. from Time Inc.”

This new deal reestablishes the iconic as a 100% Black-owned independent company.

Photo by Paras Griffin/Getty Images
Photo by Rachel Murray/Getty Images for THAurban

“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 multi-generational Black women around the world in an even more elevated and comprehensive way across print, digital, e-commerce and experiential platforms,” Essence President Michelle Ebanks said.

BEVERLY HILLS, CA – FEBRUARY 23: Editor in Chief at Essence Magazine Vanessa K. De Luca and President of Essence Communications Michelle Ebanks at Essence Black Women in Hollywood Awards at the Beverly Wilshire Four Seasons Hotel on February 23, 2017 in Beverly Hills, California. (Photo by Earl Gibson III/Getty Images for Essence)

And that’s not all. The all Black female executive team will also have an equity stake in the business.

Now THAT is #BlackGirlMagic at work.

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