Melody Spann-Cooper, chairwoman of Midway Broadcasting Corporation, which owns WVON, a Chicago radio station whose target audience is black, welcomed Essences return to being an all-black-owned company. Essence Communications Inc., the 48-year-old mutliplatform brand that owns Essence magazine and the annual Essence Festival, has gone back to black (ownership), having been acquired by Essence . Dennis bought Essence from Time Inc. in 2018 for an undisclosed sum. Im not in the business of selling my soul for a couple of dollars or for popularity, DelSol said. Austin-based Michael Gibson's ClearView Partners, with backing from Houston private-equity firm Park View Capital Partners, are the new owners of the 62-year-old monthly. These cookies help provide information on metrics the number of visitors, bounce rate, traffic source, etc. But hes entering the industry as a neophyte at a time when mediaparticularly independent mediais struggling for survival. ! She ended her statement with the hashtag #BlackWomenRiseTogether., Black Female Anonymous replied to Ms. Wanga on social media. And the mid-sized Penske Mediaowner of Variety and Robb Reportjust snapped up Rolling Stone. The cookie is set by GDPR cookie consent to record the user consent for the cookies in the category "Functional". Starting with the magazine in 1970, it has expanded globally, eventually leading to the annual Essence Music Festival in 1995 and online website ESSENCE.com. Sources familiar with Essence told Page Six that it is likely that current and former employees wrote the anonymous op-ed. 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. The monthly lifestyle magazine covers fashion, beauty, entertainment and culture. Despite Dennis promises, Black influencers are still wary. As a subscriber, you have 10 gift articles to give each month. - Edward long Timeless reading that calms and reassures is hard to find. Its target audience is the African-American community, and its coverage includes the lifestyles and accomplishments of influential black people, fashion, beauty, and politics.. Ebony magazine was founded in 1945 by John H. Johnson, for his Johnson Publishing Company.He sought to address African-American issues . I spent 30 years of my life breaking down the racial barriers of beauty, he said. We can now invest in women of color as consumers., With Sale, Essence Is Once Again a Fully Black-Owned Magazine, https://www.nytimes.com/2018/01/03/us/essence-sale-black-owned.html. His departure was part of a larger revolt at the magazines parent company, Cond Nast. All rights Reserved. For an optimal experience visit our site on another browser. This cookie is set by GDPR Cookie Consent plugin. Last year, The Wrap reported that a year after a huge event that attracted thousands of attendees, BeautyCon was still struggling to pay vendors. The brand was looking for another buyer and has apparently found one with Essence Ventures, which was founded and is chaired by Liberian-American Richelieu Dennis, who also is founder of SheaMoisture (in November, Unilever acquired the parent company for SheaMoisture, Sundial Brands).