– Deal reestablishes ESSENCE as a 100% Black-owned independent company –
– Black female-led ESSENCE executive team to have ownership stake in the brand –
via businesswire.com
NEW YORK–(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. ESSENCE President Michelle Ebanks will continue at the helm of the company and will also join its board of directors. In addition, the all Black female executive team of ESSENCE, including Ebanks, will have an equity stake in the business.
“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,” said Ebanks. “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.”
Congrats to @Essence magazine! They were acquired in a deal today that establishes the company as a 100 percent black-owned company! pic.twitter.com/sJslraHpfU
— Blavity (@Blavity) January 3, 2018
Through the Essence Ventures’ investment and resulting incremental growth opportunities, ESSENCE will focus on expanding its digital businesses via distribution partnerships, compelling original content and targeted client-first strategies. In addition, the brand will expand its international growth by planting its rich content ecosystem, including the flagship magazine, digital properties and successful live event franchises, in more global markets with women who have shared interests and aspirations.