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.

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1 min ago - Health

U.S. reaches 200,000 coronavirus deaths

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Data: The Center for Systems Science and Engineering at Johns Hopkins; Chart: Axios Visuals

The coronavirus has now killed 200,000 Americans, according to Johns Hopkins data.

The big picture: Whatever context you try to put this in, it is a catastrophe of historic proportions — and is yet another reminder of America's horrific failure to contain the virus.

Updated 59 mins ago - Politics & Policy

Mitt Romney says he'll support moving forward with Supreme Court pick

Photo: Greg Nash/AFP/Pool via Getty Images

Sen. Mitt Romney (R-Utah) announced Tuesday that he would support moving forward with a Senate vote on President Trump's selection to replace the late Supreme Court Justice Ruth Bader Ginsburg.

Why it matters: Barring any big surprises, Democrats have virtually no shot at stopping the confirmation process for the president’s nominee before November’s election.

Dave Lawler, author of World
1 hour ago - World

In UN address, Trump says China "unleashed this plague onto the world"

Photo: Jim Watson/AFP via Getty Images

President Trump used a virtual address to the UN General Assembly on Tuesday to defend his response to the coronavirus and call on other countries to “hold accountable the nation which unleashed this plague onto the world: China.”

Setting the scene: Trump ticked through four years of major decisions and accomplishments in what could be his last address to the UN. But first, he launched into a fierce attack on China as Beijing’s representative looked on in the assembly hall.

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