What we now have is an opportunity to have the liquidity to make investments in Essence, said Mr. Dennis. Bennett Raglin / Getty Images For SheaMoisture, Lifestyles publisher Meredith buying Time Inc. in Koch brothers-backed deal. Out of these, the cookies that are categorized as necessary are stored on your browser as they are essential for the working of basic functionalities of the website. Essence Ventures is an African-American owned company focused on merging content, community, and commerce founded by Richelieu Dennis, the CEO and founder of Sundial Brands. I think many people dont even know about it because no one cares about Black women. Yet the sale, no matter its community significance, suggests that minority-focused magazines will forever remain along the fringes of major media. Follow NBCBLK on Facebook, Twitter and Instagram. Were counting on you, Caroline. Essence Magazine Founder Says He Doesn't Regret Selling to Time Inc. A target of Black Female Anonymous is Richelieu Dennis, the owner of Essence Ventures, the parent company of the magazine and Essence Communications. The conversations @richelieudennis and I started a few months ago about his strategic vision for @Essence and the opportunity to be on a team furthering the health/wealth of the global black diaspora, across a portfolio of businesses including @essence, was a win. A win stitched together by a 50-year legacy of black creatives, businesses, and community that I would be honored to be a part of., Ms. Wanga noted that she had learned there are things that need to be better for our team and culture and Im ready to begin that work, adding, Im committed to flourishing while fixing and fastening what needs to work to be in service to our teams, communities and partners. As a subscriber, you have 10 gift articles to give each month. Today, however, Time Inc. is set to be owned by Midwest magazine publisher Meredith Corporation, which bought the conglomerate late last year in a $2.8 billion take-over, partially funded by the conservative-focused Koch brothers. We accept that because what else is the ultimate goal in this country?. With the sale of Essence magazine to a personal-care products mogul, the publication is once again fully black-owned for the first time since 2000. Celebrity OTE - Spring Arts Guide Daniel Kaluuya. You may opt-out by. When it started off, we knew their demographic. American Essence magazine - The Epoch Times Our free, fast, and fun briefing on the global economy, delivered every weekday morning. The essay said Mr. Dennis tried to force Essence employees and contractors to sign nondisclosure agreements to protect him and his family from liability or disparagement after a string of wrongful layoffs. It also said that Mr. Denniss wife, Martha Dennis, whom it described as the companys head of human resources, should not serve in that role, calling the arrangement a blatant conflict of interest. (An Essence spokeswoman denied that Ms. Dennis was the head of human resources, saying that she had advised the company in its ongoing HR transition as the company searched for a full-time HR lead.). This cookie is set by GDPR Cookie Consent plugin. With a circulation of over 1 million and some 8.5 million monthly readers, Essence is hardly nicheand it should have been appealing to major publishing corporations. We can now invest in women of color as consumers.. Boxing legend George Foreman and actor Khris Davis share inspiration for Big George Foreman film, Deborah Janes Strange Fruit film revisits the past to fix the future in racial reconciliation, Black home buyers considering buying a home 5 ways to purchase a house without a down payment, Rolling out kicks off 2023 Sisters with Superpowers 10-city tour and awards dinner in Atlanta, May 4; tickets available, Breaking the Chains provides job training and opportunities to the youth, Shara McHayle shares how hip-hop inspired her business, Hoop 88 Dreams. Celebrity OTE - Spring Arts. African-America backing, she notes, is not only symbolically important, but ownership is an important pillar of economic empowermentand directly builds wealth and strengthens communities of color., Black media insiders also applauded the Essence deal. [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. In a phone interview on Wednesday, Mr. Dennis, 48, said that he bought the magazine to serve and empower women of color., This will give Essence a platform and a voice to serve its consumers, which are women of color, Mr. Dennis said during a flight from his native Liberia to the United States. In 2018, he bought the Essence brand, vowing to scale Black-owned brands and bring much-needed diversity to the beauty and lifestyle world. BRIGHT Magazine Launches Today. Editor-in-Chief Sarika Bansal on the Founded in 2011 by Marina Curry, a Black woman, BeautyCon was a hub of live events before it started to falter in 2019. 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. As a woman who writes, and aspires to publish a book, I really admire Susan, and I think that she is one of the most influential women in journalism. iEmerge in a duo. It's nearly a 200-mile commute home for historian Victor Davis Hanson from the Hoover Institution at Stanford University, where he travels once a week, to his quiet family farm in the fertile Central Valley of California. An anonymous post on Medium that said it was written by current and former Essence employees is part of a social media campaign for change at the groundbreaking Black media brand. Clearly Dennis has committed his life (and substantial economic resources) to supporting minority women. However, they either didnt respond or declined to comment. Reporters, poking around, have unearthed intriguing connections: a documentary co-produced with Steve Bannon; a donor who worked at the secretive hedge fund run by the Breitbart benefactor Robert. Essence Ventures started in 2017 and is chaired by founder, entrepreneur, investor and philanthropist, In addition, the all black female executive team of, Jalen Hurts Reaches $255 Million Deal With Help of All-Women Management Team, Drake Opens for Lil Wayne During Welcome to tha Carter Toronto Tour Stop, Chance The Rapper Talks Conversation With Dave Chappelle At Black Star Line Festival, Chance The Rapper & Vince Mensas Ghana Festival to Include Erykah Badu, T-Pain & More, Carolyn Bryant Donham, Woman At the Center of Emmett Till Saga, Has Died, Dwyane Wade Moved His Family From Florida Due to Anti-LGBTQ Policies, Controversial Talk Show Host Jerry Springer Has Died, Red Table Talk Canceled as Meta Ends Facebook Watch Originals. In the same . So, these Black women in particular, if they come forward, where will they go? Anyone can read what you share. Essence Ventures is founded and chaired by Richelieu Dennis, founder of Sundial Brands which owns Shea Moisture. As a classicist, he's at ease with the ancient world but often brings a historian's insightful perspective to current . The essay also had criticism for two other Essence leaders, the chief operating officer, Joy Collins Profet, and the chief content officer, MoAna Luu. Dennis sold his cosmetics company Sundial Brands to Unilever for an estimated $1.6 billion in 2017. JUNETEENTH CELEBRATION with Umojah Nation Reggae Band and the Griot Project at the Art & Soul of Buckeye Park in Cleveland. We have an opportunity to control our media and tell our own story and that is often muted when traditional media companies that represent the African-American culture are owned by someone outside of an African-Americans hands it loses something. The future of Essence was uncertain when it was announced Meredith Corporation was buying Time Inc. in November. In 2000, Time Inc. acquired a 49 percent stake of Essence from its founders and acquired the remaining percentage five years later. Thank you for being in our corner over the last 47 years. Essence Magazine (1970- ) - BlackPast.org The executive team will also have an ownership interest in the business. In addition, Ebanks, along with a Black female-led executive team, will have an equity stake in the business. IE 11 is not supported. Ebony is a monthly magazine that focuses on news, culture, and entertainment. ! She ended her statement with the hashtag #BlackWomenRiseTogether., Black Female Anonymous replied to Ms. Wanga on social media. An 'American Idol' judge walks his daughter down the aisle, more About - Essence Celebrity OTE - Meagan Good Daniel Kaluuya Digital Cover Digital Cover Method Man Digital Cover Zazie Celebrity News 'Yes, Girl!' Podcast Entertainment Black Celeb Couples. We 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, Dennis said in a statement. 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