Who owns essence

In addition, Ebanks, along with a Black female-led executive team, will have an equity stake in the business. Specific financial terms of the transaction were not disclosed. The acquisition marks a new beginning for the legacy brand, which has been granted capital and resources to expand its brand overseas. Back in , Ed Lewis, Essence Communications co-founder, told Black Enterprise that he never ruled out the possibility of selling the publication.

Primary Menu. Search for: Search. The company's CEO position has been open since March when the magazine announced that Michelle Ebanks was stepping down from the role. Ebanks left to pursue a position at its parent company Essence Ventures. At the time, the company said Dennis, would have direct oversight of the company, working closely with its senior leadership team on its transformation and strategy.

The temporary CEO news comes just days after the publication refuted claims of a toxic workplace environment. On Sunday, an anonymous essay was posted on Medium. It said there was sexual harassment, pay inequity and bullying happening within the company. Essence immediately denounced the allegations on Monday. The publication released a statement calling the claims "unfounded attempts to discredit our brand and assassinate personal character.