A major move has folks happy.
On Wednesday, Black-owned company, Essence Ventures LLC, announced that they acquired Essence Communications Inc. — the media company behind Essencemagazine.
Essence Ventures LLC is led by Richelieu Dennis, the same founder of Shea Moisture hair and skin products.
His company acquired Essence Communications Inc. from Time Inc., which makes Essence magazine a 100% Black owned business again. Current Essence President Michelle Ebanks will continue to lead the magazine and its multiple platforms. The all Black women executive team, including Ebanks, will also have an equity stake in the business.
Folks across Black Twitter are celebrating this big move.
Exclusive footage of Essence reclaiming TIME and ownership:
essence being black owned again means more black narratives, more black publications, more black creators, & more black talent.
This is exactly how I imagine the Black Women execs at @Essence Ventures buying back their company from Time INC
“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.” https://www.businesswire.com/news/home/20180103006044/en/Essence-Ventures-Announces-Acquisition-Essence-Communications-Time …
Essence Ventures LLC, an independent African-American owned company focused on merging content, community and commerce, today announced its acquisitio
