BLACK GIRL MAGIC!!! Shea Moisture Founder Buys Essence Magazine!! [Pics]


BLACK GIRL MAGIC!!! Shea Moisture Founder Buys Essence Magazine!! [Pics] — Essence Ventures LLC announced the acquisition of Essence Communications Inc. from Time Inc. today via press release! The company will keep ESSENCE President Michele Ebanks at the helm of the company and be appointed to its board of directors. The all-Black female excecutive team of ESSENCE, which includes Ebanks will hold an equity stake in the business as well.

“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”

 

“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,” said Ebanks. “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.” Source

Watch: