Meredith President/COO Tom Hardy wasn’t kidding when he said he expects Time Inc to have sold off all the assets it announced it was selling before the Meredith deal closes. Time Inc has been moving rapidly to unload brands like Sunset which was sold to a banker before Christmas and now the company has sold Essence Communications. When it was announced back in July of last year that Essence was for sale, Time Inc was only interested in selling a majority stake and bringing on a partner. But it looks like they’ve unloaded the entire publication and all its related businesses to a newly formed operation called Essence Ventures which is lead by an all black female executive team including long time Essence Communications president Michelle Ebanks who will continue to lead the company.
“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 multigenerational Black women around the world in an even more elevated and comprehensive way across print, digital, e-commerce and experiential platforms,” said Ebanks. “In addition, it represents a critical recognition, centering and elevation of the Black women running the business from solely a leadership position to a co-ownership position.”