Shea Moisture Founder Buys Essence Magazine, Returns to 100 Percent Black Ownership
Monday, November 18, 2019
November 18, 2019 - From Hollywoodreporter
Essence magazine is back under 100-percent black ownership.
Essence Communications announced Thursday that it was acquired from Time Inc. by Essence Ventures for an undisclosed sum. Essence Ventures was founded in 2017 by Richelieu Dennis, who also founded personal care company Sundial Brands, which owns beauty companies Shea Moisture, Nubian Heritage and Madam C.J. Walker.
Time Inc. originally purchased a 49 percent stake in the magazine in 2000 from owners Clarence Smith and Ed Lewis before buying the remaining 51 percent in 2005, according to the New York Times.
Essence president Michelle Ebanks will continue to lead the company and also join the board of directors. Additionally, Ebanks and the all-black female executive team of Essence will receive an equity stake in the company.
Visit www.Hollywoodreporter.com to read more.
Categories: History, Art & Culture Organizations