Essence Magazine Now Full Black Owned

 

 For the first time in nearly two decades, Essence magazine is once again a publication entirely owned by blacks.

Essence, a 48-year-old monthly lifestyle magazine, has a mostly black readership. The magazine focuses on fashion, pop culture, music and dark life. He also holds an annual music festival, which was titled last year by Diana Ross, Mary J. Blige and Chance the Rapper. ...

The magazine, a pillar of black culture for nearly half a century, was bought by Richelieu Dennis, founder of Sundial Brands, a large personal care products company, Time Inc., announced Wednesday Essence Ventures. Mr. Dennis would not discuss the details of the sale. In a phone interview Wednesday, Dennis, 48, said he had bought the magazine "to serve and empower women of color".

"This will give Essence a platform and a voice to serve its consumers, who are women of color," Dennis said on a flight from his native Liberia to the United States. "They allowed us to invest in the company so we can bring the infrastructure and resources." According to a statement released by the magazine's owner, Essence Ventures, Essence will retain its current management team, which consists entirely of black women, including Michelle Ebanks, the magazine's president. The management team will also have a stake in the company.

This acquisition represents "the beginning of an exciting transformation of our iconic brand that is evolving to serve the needs and interests of the world's multigenerational black women in an even higher and more global way on print, digital, e-commerce and experiential platforms, "Ms. Ebanks said in the statement.

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