On Wednesday, Black-owned company, Essence Ventures LLC, announced that they acquired Essence Communications Inc. — the media company behind Essence magazine.
Essence Ventures LLC is led by Richelieu Dennis, the same founder of Shea Moisture hair and skin products.
His company acquired Essence Communications Inc. from Time Inc., which makes Essence magazine a 100% Black owned business again. Current Essence President Michelle Ebanks will continue to lead the magazine and its multiple platforms. The all Black women executive team, including Ebanks, will also have an equity stake in the business.
Folks across Black Twitter are celebrating this big move. Swipe through to check out people’s reactions.