Essence Ventures has purchased Essence Communications, which means the magazine is now Black owned, again.
In a message today on Essence.com Vanessa De Luca writes:
It is with great joy that we announced today, Jan. 3, 2018, that Essence Communications is under new ownership: Essence Ventures LLC, an independent African-American-owned company focused on merging content, community and commerce.
We wish you could have been in the room to see the excitement and pride on the Essence Teams’ faces as we gave them the good news. The new journey on which we are embarking will be fueled not only by the passion we have (and have always had) for Black women, but also that Black women will be at the helm as we move forward. Michelle Ebanks will serve as the president of ESSENCE Communications.
Thank you, dear Essence audience, for being in our corner and supporting us over these last 47 years, and we hope you’ll continue to support our work, because we know that we work for you. And nothing makes us happier.
The magazine that targets black women was put up for sale by Time, Inc. last year. Essence Ventures was founded by Richilieu Dennis who serves as its chairman. Dennis is the co-founder of Sundial, the largest African American owned beauty company in America today, featuring the Shea Moisture brand.
Now, that’s what we’re talking about!