For the first time in nearly two decades, Essence Magazine is once again a fully black-owned publication.

The 48-year-old multiplatform brand that owns Essence magazine and the annual Festival, was sold by Time Inc. to Essence Ventures LLC, an independent African-American-owned company.

The company was founded and is chaired by Liberian-American Richelieu Dennis, who also is the founder of SheaMoisture.

“[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,” said Dennis of the Essence brand acquisition.

The brand reaches a global audience of more than 16 million unique users across platforms, including its print magazine; digital, video and social platforms; TV specials, including the Black Women in Hollywood Awards; and live events including the annual Essence Festival, which attracts more than 450,000 attendees annually.

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