1. Essence Up For Grabs
For the past two decades, the nearly 50-year-old multiplatform brand Essence Communications Inc. has been under the ownership of Time Inc. Time Inc. was sold to Meredith Corp. for $3 billion dollars, in November of 2017. But the Essence brand was not a part of that deal. Without an owner, the Essence brand was up for grabs and therefore, needed a buyer ASAP.
2. Essence Ventures LLC
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Richelieu Dennis, Founder of Shea Moisture & Essence Ventures LLC[/caption]
Within the first week of 2018, the Essence brand was acquired by Essence Ventures LLC. Essence Ventures LLC was founded and is chaired by SheaMoisture founder, Richelieu Dennis. Dennis is a Liberian-American entrepreneur meaning that Essence is now completely Black-owned. But now that the Essence brand is under new ownership, what does that mean for the company?
3. Future of the Company
Dennis has given very little information about the acquisition. However, he has stated, “We are excited to be able to return this culturally relevant and historically significant platform to ownership by the people…whom it serves…” Although under new ownership, there is no indication that any major changes will be made, which is a good thing. There will be one change, however. While current Essence President Michelle Ebanks will continue to hold her position, she will now acquire equity in the company. Essence was created for the Black woman and now, not only will Essence be accessible to Black women across a myriad of platforms, but Ebanks appreciates that the women running the business can now co-own the business.
4. The Empire
Essence — the company run solely by Black women — has reached many readers and followers in a number of ways; you can access the Essence brand via Essence Magazine (print and digital), the annual Essence Festival, social media, television, and live events. The Essence empire grows and will continue to reach as many people as they can despite where they are in the world.
Now that Essence has been acquired by the Black-owned Essence Ventures LLC, Essence is again a FUBU product. When you subscribe to Essence magazine or follow one of their social media pages, you can rest assured knowing that your dollars are supporting a Black business.]]>