Essence Ventures acquires Essence Communications from Time

Independent African-American owned Essence Ventures has announced the acquisition of the multi-platform media company Essence Communications from Time.

The New York City-based company’s current president, Michelle Ebanks will continue at the helm of the company and 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,” Michelle Ebanks, president of Essence said. “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.”

Through the Essence Ventures investment and resulting incremental growth opportunities, Essence will continue to expand its digital business via distribution partnerships, original content, and client-first strategies, the company said.

“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 Richelieu Dennis, founder and chairperson 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.”