Essence Ventures Acquisition of Essence Communications Reestablishes ESSENCE as a 100% Black-Owned Business
The all Black female executive team will also have 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," ESSENCE President Michelle Ebanks told Business Wire. "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."
Essence Ventures was founded and is chaired by Richelieu Dennis, who also is founder of Shea Moisture.
" . . . [W]e 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 in a statement.
Richelieu added: "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.