Shea Moisture Founder Buys Essence Magazine

For the first time in nearly two decades, Essence magazine is once again a fully black-owned publication.

The magazine, a mainstay of black culture for almost half a century, was bought by Richelieu Dennis, the founder of Sundial Brands, a large personal-care products company, from Time Inc., Essence Ventures announced on Wednesday. Mr. Dennis would not discuss the details of the sale.

Beyonce-Essence-Magazine-05_editedIn a phone interview on Wednesday, Mr. Dennis, 48, said that he bought the magazine “to serve and empower women of color.”

Source: The New York Times/Sandra E. Garcia

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