Rich Dennis

By Angela Helm

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.

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 SheaMoisture (in November, Unilever acquired the parent company for SheaMoisture, Sundial Brands).