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Essence.com

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.

Go deeper

Dave Lawler, author of World
2 hours ago - World

Venezuela's predictable elections herald an uncertain future

The watchful eyes of Hugo Chávez on an election poster in Caracas. Photo: Cristian Hernandez/AFP via Getty

Venezuelans will go to the polls on Sunday, Nicolás Maduro will complete his takeover of the last opposition-held body, and much of the world will refuse to recognize the results.

The big picture: The U.S. and dozens of other countries have backed an opposition boycott of the National Assembly elections on the grounds that — given Maduro's tactics (like tying jobs and welfare benefits to voting), track record, and control of the National Electoral Council — they will be neither free nor fair.

Biden plans to ask public to wear masks for first 100 days in office

Joe Biden. Photo: Mark Makela/Gettu Images

President-elect Joe Biden told CNN on Thursday that he plans to ask the American public to wear face masks for the first 100 days of his presidency.

The big picture: Biden also stated he has asked NIAID director Anthony Fauci to stay on in his current role, serve as a chief medical adviser and be part of his COVID-19 response team when he takes office early next year.