Time Inc. has announced that it sold Essence–both the magazine and its parent lifestyle brand–to a holding company owned by SheaMoisture founder Richelieu Dennis. “This acquisition of [Essence] represents the beginning of an exciting transformation of our iconic brand,” said the company’s president, Michelle Ebanks, in the press release.
Essence will transfer from Time’s hands to an entirely black-owned independent company. “[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,” said Dennis in the press release. The move comes as Time Inc. continues to sell of parts of the company that were not included in its recent sale to Meredith.
Now it seems Dennis is looking to transcend his entrepreneurial reach beyond SheaMoisture. You can read Fast Company’s recent profile of the founder here.