Time Inc. Sells Essence to Independent Owners

Time Inc. has officially sold Essence—the magazine as well as its website and events business—to a group of investors led by Shea Moisture founder Richelieu Dennis, the latter announced today.

Terms of the deal were not disclosed, but the buyer confirmed that Essence president Michelle Ebanks will continue at the helm and will gain an equity stake in the business.

The deal comes about six months after Time Inc. first put the 48-year-old title on the block, alongside other “non-core” assets, as the company preps for its upcoming merger with Meredith Corp.

Originally, Time Inc. had intended to sell only a majority stake in Essence. A company spokeswoman tells Folio:, however, that upon reaching the agreement with Meredith, it was decided that it would be in Essence‘s best interest to sell the full 100-percent stake.

As for the other brands on the block, Time Inc. scrapped plans to pursue a potential sale of Coastal Living in October, opting to retain the title instead, while Sunset was sold off in November. The spokeswoman tells Folio: that the sales processes of both Golf and Time Inc. UK are proceeding as planned.
more at:  http://www.foliomag.com/time-inc-sells-essence-to-independent-owners/

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