by Mashaun D. Simon
Essence Communications, a brand known for its popular monthly magazine and annual music festival, is once again 100 percent African-American owned.
Time, Inc. announced Wednesday, that Essence Ventures, LLC, an independent African-American owned company, acquired the media company.
“The ESSENCE team has extended the brand’s reach and influence across multiple platforms, solidifying its position as the premier destination for African-American women serving an audience of 16.3 million,” said Time, Inc. President Rich Battista in a memo to staff obtained by NBC News.
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Source: NBC News