Time Inc. is selling Essence, a culture and lifestyle magazine and digital media company that primarily caters to African American women, the company announced Wednesday. Essence Ventures LLC, an independent African-American owned holding company, will acquire all of Essence Communications Inc. Terms of the transaction were not disclosed.
Why it matters: Essence was not a part of the historic Koch-backed Meredith Corporation acquisition of Time Inc. in November, so Time has been looking for a new owner for Essence several months. The sale marks the second magazine title Time has shed since deal and experts expect Time to continue to shed some of its other titles, in an effort to build a more digitally-focused company. In a press release, Essence Communications Inc. touted that the deal reestablishes Essence as a 100% Black-owned independent company.