Money Moves! Owner of Shea Moisture Obtains Stake In Essence Magazine

Essence magazine is once again a fully black-owned publication. The magazine which is a staple of black culture was bought by Richelieu Dennis, the owner of Shea Moisture from Times Inc. The magazine is 48 years old with a readership that is mainly black.  The magazine focuses on fashion, music, popular culture, and black lifestyles.

Mr Dennis said he bought Essence “to serve and empower women of color.” Essence will keep it’s current executive team which consists of all black women.

This acquisition of Essence represents the beginning of an exciting transformation of our iconic brand as it evolves to serve the needs and interests of multi-generational black women around the world in an even more elevated and comprehensive way across print, digital, e-commerce and experiential platforms. – Michelle Ebanks Essence Magazine president.

There is a void in black owned publications and this is a step in the right direction in developing black ownership with the media outlets we know and love.  This move is vital as Essence is now 100% black owned meaning full control over the content we see inside the magazine. This ranges from the personalities and public figures we will see , the brands and the advertisements.

What a start to 2018 !