I can't say that Essence Magazine is one of those magazines that I read that much. But knowing that the most popular magazine marketed toward African-American women is now 100% Black-owned once again is always good news when it comes to Black businesses altogether.
Essence Communications Inc. recently traded hands from Time Inc. to the recently founded Essence Ventures LLC which is owned by Shea Moisture founder Richelieu Dennis and will also give the African-American female-led executive team ownership stakes.
Essence president Michelle Ebanks told Business Wire:
“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. 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 Ventures founder & chairperson Richelieu Dennis told Business Wire:
“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. As importantly, we are excited to be able to return this culturally relevant and historically significant platform to ownership by the people and the consumers whom it serves and offer new opportunities for the women leading the business to also be partners in the business.”
Dennis continued with:
“We remain committed to leveraging our resources to provide opportunities for other culturally-rooted entrepreneurs and businesses that further our culture and create economic opportunities for our communities. Our focus here will be on ensuring that Essence reaches its full potential via heightened capabilities, technology, products and touch points that super-serve the interests of Black women locally and globally. We look forward to helping generate new opportunities that create more value across the ESSENCE portfolio with unmatched content, commerce and international access for the millions of women it serves, as well as exceptional value for our advertising partners and content creators.”
About Essence Ventures:
Essence Ventures is an independent African-American owned company focused on merging content, community and commerce to meet the evolving cultural and lifestyle needs of women of color. The company began in 2017 and is chaired by its founder – entrepreneur, investor and philanthropist Richelieu Dennis.
We at The DigiSpot give shoutouts to Essence Ventures & its staff!!!