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