Deal Re-Establishes ESSENCE as a 100% Black-Owned Independent Company
Wednesday, January 17, 2018
January 17, 2018 - Essence Ventures LLC, an independent African-American owned company focused on merging content, community and commerce, has 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.” Visit www.blackbusiness.org for full article.
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