Essence Ventures, LLC, an independent African-American owned company focused on merging content, community and commerce, has acquired 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 will have an equity stake in the business.
Essence Ventures, LLC is an independent African-American owned company focused on merging content, community and commerce to meet the evolving cultural and lifestyle needs of women of color. The company began in 2017 and is chaired by its founder and entrepreneur, investor and philanthropist, Richelieu Dennis.
Since its founding in 1970, ESSENCE has been a hallmark for women’s empowerment and a cultural beacon of pride and celebration of the diverse images and lifestyles of black women. Today, ESSENCE is an international, omni-channel destination for diverse storytelling and original content comprising beauty, fashion, lifestyle, entertainment and culture. ESSENCE currently reaches a global audience of more than 16 million across its various platforms encompassing its signature print magazine, digital, video and social platforms, television specials, including the Black Women in Hollywood Awards on OWN: The Oprah Winfrey Network, books, and live events, including the Street Style Block Party during New York Fashion Week and the annual ESSENCE Festival, a cultural celebration that debuted in 1995 and is now one of the country’s largest annual events, attracting more than 450,000 attendees.
Time Inc. is a leading multi-platform consumer media company that engages over 230 million consumers globally every month. The company’s influential brands include People, Time, Fortune, Sports Illustrated, Instyle, Real Simple, Southern Living and Travel+Leisure, as well as approximately 60 diverse international brands. Time Inc. offers marketers a differentiated proposition in the marketplace by combining its powerful brands, trusted content, audience scale, direct relationships with consumers and unique first-party data. The company is home to growing media platforms and extensions, including digital video, OTT, television, licensing, international markets, paid products and services and celebrated live events.
Oaklins' media specialist team in New York advised Essence Ventures in this transaction.
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