01.04.18
Essence Ventures LLC—an independent African-American owned company that has Sundial Brands’ Richelieu Dennis as its chairperson—has acquired media company Essence Communications Inc., including Essence magazine, from Time Inc.
Essence president Michelle Ebanks will continue at the helm of the company and will also join the Essence Ventures' board of directors. In addition, the all Black female executive team of Essence, including Ebanks, will have an equity stake in the business.
“The strategic vision and leadership that Michelle has provided to Essence over the years have been exemplary, and we are thrilled to work with her and her talented team to provide the necessary resources and support to continue to grow the engagement and influence of the ESSENCE brand and transform this business,” said Dennis, who is founder of Essence Ventures. “As importantly, we are excited to be able to return this culturally relevant and historically significant platform to ownership by the people and the consumers whom it serves and offer new opportunities for the women leading the business to also be partners in the business.”
Dennis said the new onwers remain “committed to leveraging our resources to provide opportunities for other culturally-rooted entrepreneurs and businesses that further our culture and create economic opportunities for our communities. Our focus here will be on ensuring that Essence reaches its full potential via heightened capabilities, technology, products and touch points that super-serve the interests of Black women locally and globally. We look forward to helping generate new opportunities that create more value across the Essence portfolio with unmatched content, commerce and international access for the millions of women it serves, as well as exceptional value for our advertising partners and content creators.”
Sundial Brands was recently acquired by Unilever.
Essence president Michelle Ebanks will continue at the helm of the company and will also join the Essence Ventures' board of directors. In addition, the all Black female executive team of Essence, including Ebanks, will have an equity stake in the business.
“The strategic vision and leadership that Michelle has provided to Essence over the years have been exemplary, and we are thrilled to work with her and her talented team to provide the necessary resources and support to continue to grow the engagement and influence of the ESSENCE brand and transform this business,” said Dennis, who is founder of Essence Ventures. “As importantly, we are excited to be able to return this culturally relevant and historically significant platform to ownership by the people and the consumers whom it serves and offer new opportunities for the women leading the business to also be partners in the business.”
Dennis said the new onwers remain “committed to leveraging our resources to provide opportunities for other culturally-rooted entrepreneurs and businesses that further our culture and create economic opportunities for our communities. Our focus here will be on ensuring that Essence reaches its full potential via heightened capabilities, technology, products and touch points that super-serve the interests of Black women locally and globally. We look forward to helping generate new opportunities that create more value across the Essence portfolio with unmatched content, commerce and international access for the millions of women it serves, as well as exceptional value for our advertising partners and content creators.”
Sundial Brands was recently acquired by Unilever.