With Essence influencing over 15 million homes, people and viewers, and bringing in over 400,000 visitors to New Orleans Essence Festival, Essence is an important part of the culture. As part of the growth plan, we will launch and/or acquire new content verticals and new brands in order to super serve our community of women,says company president Michelle Ebanks, who is leading Essences all-female executive team. Specific financial terms of the transaction were not disclosed. He said, 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.. They have allowed us to invest into the business so that we can bring in the infrastructure and resources.. This is historical.. Letter From The Editor: Behind Our Epic Tech Titans Cover Shoot. Follow NBCBLK on Facebook, Twitter and Instagram. The magazine's president, Michelle Ebanks, is [] Michelle Ebanks will remain the magazines president and is set to join the board of directors, the company said in a statement. 10. Thank you, dear Essence audience, for being in our corner and supporting us over these last 47 years, and we hope youll continue to support our work, because we know that we work for you. The good news is Essence is black-owned again. With a circulation of over 1 million and some 8.5 million monthly readers, Essence is hardly nicheand it should have been appealing to major publishing corporations. "However, I don't think that stopped any Black person from being successful in their craft.". Continuing in our tradition, we're introducing you to the masterminds behind some of the most popular. Clearly, Ebanks team hopes that Essence wont just evolve, but thrive and survive for the next 48 years. Website. B.E. Mystic Essence. Ebanks said in a statement, 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, 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 was founded in 1970 as a publication to cater to black women. Not only that, but the entire all Black female executive team will too! 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, Ebanks said in a statement. While Ebanks will continue on as the president of Essence, shell also expand her role by joining the board of directors for the company. It's important that Essence remain Black owned. Its true that lifestyle giant CondNast is in the midst of a major austerity program, but its competitor Hearst recently acquired indie publisher Rodale, which owns titles like Mens Health and Prevention. By officially parted ways with Time Inc., it is a fully Black-owned company for the first time in nearly two decades. Select the newsletters you'd like to receive: By clicking Subscribe Now, you agree to our. The once fully white owned magazine turns a new leaf. It is with great joy that we announced today, January 3rd,, 2018, that Essence Communications is under new ownership: Essence Ventures LLC, an independent African-American-owned company focused on . This was an important week for minority media. Follow USA TODAY reporter Mike Snider on Twitter: @MikeSnider. On store main page it shows urfwick, mythic essence, icons and chromas available for purchase with blue essence. About Essence was founded in 1970 as a publication to cater to black women. Item level 35. By clicking Sign Up, you agree to our ESSENCE has always embodied and evangelized what the world now sees the sheer beauty, power and magic of Black women, said Ebanks. It is looted from Lieutenant Doren. Feel free to reach out to us on social media. If this isnt pure Black Girl Magic, we dont know what is. On Thursday (Jan. 4), Essencethe nations leading African American-focused publicationwas sold by Time Inc. to a newly formed company backed by Richelieu Dennis, a multimillionaire personal-care-products mogul. Essence Ventures, a company launched last year by Sundial Brands co-founder Richelieu Dennis, announced Wednesday that it had acquired Essence Communications. Hot on the heels of our season start video announcement, here's a walkthrough of the mythic content changes coming to League's rare and exclusive content in 2022. 7 reviews . It is with great joy that we announced that Essence is under new ownership and is now an independent African-American-owned company. BLACK ENTERPRISE is the premier business, investing, and wealth-building resource for African Americans. Black Owned and/or Founded (46) Latin Owned and/or Founded (66) LGBTQ Owned and/or Founded (182) Woman Owned and/or Founded (961) Designer . ESSENCE will continue to lead that charge with, for and beside her as the unparalleled platform for her voice.. Copyright 2023 Interactive One, LLC. 1. 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, he said. Forty-nine percent of the magazine was sold to Time Inc. in 2000, and the remaining 51 percent was sold to the media company five years later. Meredith is buying Time Inc. for $1.8 billion. Subscribe to Newsletter According to recent reports, Black-owned wineries currently make up just about a tenth of 1 percent of the entire industry. We wish you could have been in the room to see the excitement and pride on the Essence Teams' faces as we gave them the good news, according to a statement on the Essence website . Derek T. Dingle, chief content office of Black Enterprise magazine, described it as groundbreaking, and lauded Essences return to black ownership as a rare event in contemporary black business history.. See our privacy policy. For more than 50 years, ESSENCE has been a leader in promoting Black-Owned beauty brands. Bain Capital took a minority stake in Sundial in 2015. Below is A word from Richelieu Dennis about Essence; We 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. Time Inc. is selling Essence Communications Inc. to Essence Ventures LLC, a company launched in 2017 by Shea Moisture founder Richelieu Dennis. Melody Spann-Cooper, chairwoman of Midway Broadcasting Corporation, which owns WVON, a Chicago radio station whose target audience is black, welcomed Essences return to being an all-black-owned company. Dennis . From her influence in politics and at the polls, mandate for social justice, and demand for economic inclusion to her impact on beauty culture, leadership in equal rights efforts, and catalyzation of community empowerment, she is at the forefront driving the cultural phenomena that are positively changing the world. All Rights Reserved. Clearly Dennis has committed his life (and substantial economic resources) to supporting minority women. The magazines president, Michelle Ebanks, is excited for what this offers the publication. 10. The publication will truly be by Black women and for Black women on every level, and that is exactly the way Essence Ventures wants it! As part of the new deal, Essence President Michelle Ebanks will continue in her role and join its board of directors. 2023 BuzzFeed, Inc. All rights reserved. Essence has a new home. Categories: Trophies Mystic Forge recipes In addition, Ebanks, along with a Black female-led executive team, will have an equity stake in the business. "Essence will continue to lead that charge with, for and beside her as the unparalleled platform for her voice.. Theres no word on how much Essence Ventures shelled out to acquire Essence, but this money move is just the most high profile example of as Essence Ventures mission to encourage entreprenuership among people of color. Time Inc. announced Wednesday, that Essence Ventures LLC, an independent African-American owned company, acquired the media company. Ebanks insists this sacred wall will still be honoredand that Essence is not directly owned by Sundial, but rather a separate Dennis-helmed entity. Richelieu Dennis, CEO of SheaMoisture, at Fashion Week in New York in 2015. 2023 Black Women In Hollywood; 2023 HOLLYWOOD HOUSE; 2023 ESSENCE Film Festival; 2022 Girls United Summit; 2022 ESSENCE Fashion House; 2022 Homecoming Season; She Got Now; Dear Black Men; I Am . (Time Inc.s golf magazines and entire UK division are also on the market.) Forty-nine percent of the magazine was sold to Time Inc. in 2000, and the remaining 51 percent was sold to the media company five years later. And the media company's all-black female executive team, including Ebanks, will have an equity stake in Essence Ventures. Members of the executive team, which is made up entirely of black women,are to have an equity stake in business. was originally published on The Essence motto is Black women come first, and Mr. Dennis said he intended to live up to it. Mr. Dennis would not discuss the details of the sale. Use: Turn a greater mystic essence into three lesser ones. Anyone can read what you share. Mythic EssenceME for shortcan be obtained everywhere Gemstones or Prestige Points were previously earned. The ESSENCE team has extended the brands reach and influence across multiple platforms, solidifying its position as the premier destination for African-American women serving an audience of 16.3 million, said Time Inc. President Rich Battista in a memo to staff obtained by NBC News. Mystic Essence 4.8 (4 reviews) Unclaimed Perfume, Cosmetics & Beauty Supply, Religious Items Edit Open 9:00 AM - 7:00 PM See hours See all 10 photos Write a review Add photo Location & Hours 125 Smith St Brooklyn, NY 11201 Dean St & Pacific St Cobble Hill, Boerum Hill Get directions Edit business info Other Cosmetics & Beauty Supply Nearby Contact The new acquisition makes Essence one of the only legacy African American publications to currently be under black ownership. Essence Ventures, a company launched last year by Sundial Brands co-founder Richelieu Dennis, announced that ithad also acquired Essence Communications. Greater Mystic Essence. Yet the sale, no matter its community significance, suggests that minority-focused magazines will forever remain along the fringes of major media. You are also agreeing to our Terms of Service and Privacy Policy. He added: 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 andoffernew opportunities for the women leading the business to also be partners in the business., BeforetheTime acquisition, Essence was a perennial on theBlack EnterpriseBE 100s list. Selena Hill is the Digital Editor at Black Enterprise and an award-winning multi-media journalist. Essence was founded in 1970 as a publication to cater to black women. Stories that matter delivered to your inbox. This is a continuation of my quest to do that.. The Howard University alumna realizes Black people are marginalized in the luxury goods industry. Essence searched for a new buyer, and found one in the entrepreneur and successful businessman Richelieu Dennis. hellobeautiful.com, Special Ks Unwelcome to Atlanta: Stop Moving Here! Today, however, Time Inc. is set to be owned by Midwest magazine publisher Meredith Corporation, which bought the conglomerate late last year in a $2.8 billion take-over, partially funded by the conservative-focused Koch brothers. Michelle Ebanks will continue to serve as president of ESSENCE Communications and will join its board of directors. But hes entering the industry as a neophyte at a time when mediaparticularly independent mediais struggling for survival. This will give Essence a platform and a voice to serve its consumers, which are women of color, Dennis told the New York Times earlier this week. 25x Lesser Mystic Essence; 2x Greater Mystic Essence; 12x Lesser Nether Essence; 7x Greater Nether Essence; 50x Purple Lotus *25x Crystal Vial; . Thank you for subscribing! Did we mention that the magazines executive team, which is completely comprised of Black women, will also have equity in Essence?