Make a Contribution to Remove NSFW Ads

BACK TO BLACK: CEO of SheaMoisture buys Essence from Time Inc

A

a1rimrocka

Rising Star
BGOL Investor
Founder of Shea Moisture, Richelieu Dennis, Acquires Essence From Time Inc.

p-1-time-inc-sells-essence-magazine.jpg



Essence Communications Inc., the 47-year-old mutliplatform brand that owns Essence magazine and the annual Essence Festival, has gone back to black (ownership), having been acquired by Essence Ventures LLC, an independent African-American-owned company, Essence Ventures announced in a press release.

As reported earlier by Journal-isms for The Root, the Essence brand was not part of the historic, nearly $3 billion sale of Time Inc. to the Meredith Corp. in November 2017.

The brand was looking for another buyer, and has apparently found one with Essence Ventures, which was founded and is chaired by Richelieu Dennis, who also is founder of Shea Moisture (In November, Unilever acquired the parent company for Shea Moisture, Sundial Brands).

“ . . . [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.

Essence President Michelle Ebanks will continue at the helm of the company and will join its board of directors; she will also have an equity stake in the business.

.... Essence’s executive team consists entirely of black women.

https://www.theroot.com/founder-of-...um=sharefromsite&utm_source=The_Root_facebook
 
I heard this on BLS at 5...was gonna post it, but forgot about it eating dinner....good post !!!!


.
 
Doesn't matter...magazines have been dying for the longest. There's really only one large magazine distributor left in North America at this point. Rest of them died off years ago.
 
JofromthaNO said:
Tell that to the many black women (including myself) who still subscribe to the magazine. What Essence magazine has going for it (besides the music festival,) is it's large age demographic it covers. Maybe women in their early 20s aren't subscribing but please believe moms, grandmas, and the older aunties are.
Click to expand...

good point. all of us tend to live in our own bubble.

i used to be an avid magazine subscriber. then got a tablet and found scanned pdfs of magazines online and it was a wrap....killed my subs, then i stopped buying at newstands when on the road.
so to me, mags were dead.....in my bubble.

as you pointed out. there are dedicated people and those who prefer the feel of paper. props.
 
JofromthaNO said:
Tell that to the many black women (including myself) who still subscribe to the magazine. What Essence magazine has going for it (besides the music festival,) is it's large age demographic it covers. Maybe women in their early 20s aren't subscribing but please believe moms, grandmas, and the older aunties are.
Click to expand...
that still boils down to a dropoff in sales (profit)
 
Good move!! But it might be too late!! Does anyone buy magazines anymore?? I cant remember the last time, Ive seen a magazine rack in a store...Im sure the baby boomers has a large percentage of magazines reader, but Im not sure that can carry the load.. Anyway, good move and good luck..
 
JofromthaNO said:
Tell that to the many black women (including myself) who still subscribe to the magazine. What Essence magazine has going for it (besides the music festival,) is it's large age demographic it covers. Maybe women in their early 20s aren't subscribing but please believe moms, grandmas, and the older aunties are.
Click to expand...
ad they are about to expand the eessence music festival on a global level . doing it in different countries , simliar to how afropunk does. but essence is on a larger scale. and they have the most loyal supporters, black women. the magazine is still on point. they will step up their web content.
 
p5ych3 said:
good point. all of us tend to live in our own bubble.

i used to be an avid magazine subscriber. then got a tablet and found scanned pdfs of magazines online and it was a wrap....killed my subs, then i stopped buying at newstands when on the road.
so to me, mags were dead.....in my bubble.

as you pointed out. there are dedicated people and those who prefer the feel of paper. props.
Click to expand...
can you pm the sites you get your magazine pdfs from?
 
JofromthaNO said:
Tell that to the many black women (including myself) who still subscribe to the magazine. What Essence magazine has going for it (besides the music festival,) is it's large age demographic it covers. Maybe women in their early 20s aren't subscribing but please believe moms, grandmas, and the older aunties are.
Click to expand...

vi rebel said:
Digital content and maybe quarterly paper releases would be sufficient. black women spending power is high
Click to expand...

p5ych3 said:
good point. all of us tend to live in our own bubble.

i used to be an avid magazine subscriber. then got a tablet and found scanned pdfs of magazines online and it was a wrap....killed my subs, then i stopped buying at newstands when on the road.
so to me, mags were dead.....in my bubble.

as you pointed out. there are dedicated people and those who prefer the feel of paper. props.
Click to expand...

CORNBREAD said:
that still boils down to a dropoff in sales (profit)
Click to expand...

roots69 said:
Good move!! But it might be too late!! Does anyone buy magazines anymore?? I cant remember the last time, Ive seen a magazine rack in a store...Im sure the baby boomers has a large percentage of magazines reader, but Im not sure that can carry the load.. Anyway, good move and good luck..
Click to expand...

shamone said:
ad they are about to expand the eessence music festival on a global level . doing it in different countries , simliar to how afropunk does. but essence is on a larger scale. and they have the most loyal supporters, black women. the magazine is still on point. they will step up their web content.
Click to expand...

All of this, but NO magazine is seeing an increase in their subscription rates, none. I’m assuming this purchase was to convert what’s left of the subscription base and to capitalize on the data, which is would be the more profitable part of this deal. Anything that’s in a magazine now is already old news.

All that being said still a dope power move to see from the brother.
 
RUDY RAYYY MO said:
They promoted black women to ghetto gag cacs while dissing black men
Click to expand...

I don't think you even read/look at the magazine to know this as a fact. Either they're promoting black love or posting black men on their cover who promote wanting or being with a black woman...try again.
 
Peace,

JofromthaNO said:
Tell that to the many black women (including myself) who still subscribe to the magazine. What Essence magazine has going for it (besides the music festival,) is it's large age demographic it covers. Maybe women in their early 20s aren't subscribing but please believe moms, grandmas, and the older aunties are.
Click to expand...

You kind of made his point for him though. If millennial sisters aren’t subscribing, it has no future. They need to start transitioning to another platform.
 

Make a Contribution to Remove NSFW Ads
You must log in or register to reply here.
Back
Top