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(NNPA)—In a accord that reestablishes Essence annual as a absolutely Black and independently-owned entity, Sundial Brands architect Richelieu Dennis afresh appear the acquirement of Essence Communications from Time Inc.
“Time Inc. agreed in November to be awash to the Meredith Corporation, the buyer of Better Homes & Gardens and Family Circle, in an all-cash transaction account about $2.8 billion,” according to the New York Times. “Mr. Dennis awash Sundial Brands to Unilever that month.”
Sirleaf reportedly declared Dennis as an “Awesome Hero.”
“Talk about surreal,” Dennis said in an account with NNPA Newswire. “I can’t alike accompany myself to say [knighthood]. It’s been a astounding week.”
Dennis said that the acquirement of Essence Communications comes with a built-in affection and charge to authoritative abiding that, “we are accomplishing aggregate we can to advantage the ability of the business to appulse our association in a absolute way and to authenticate that we can run highly-profitable organizations.”
Dennis continued: “We can additionally advantage the appulse and the assets that those businesses accomplish to drive bread-and-butter empowerment and amusing amends in our communities for ourselves and by ourselves.”
Dorothy Leavell, administrator of the National Newspaper Publishers Association (NNPA) and administrator of the Crusader Newspaper Group, said it was acceptable account to apprehend that buying of Essence annual has alternate to the Black community.
“I achievement it’s a trend,” said Leavell. “We do charge able Black buying in our industry, alike as I’m assured that our Black newspapers will advance in 2018.”
Leavell additionally said she hopes that Black entrepreneurs will see the assignment and articles of the Black Press and “seek to restore some light.”
Leavell added: “We charge added and added publications that characterize us in a absolute way and that’s absolutely what ‘Essence’ has done in the accomplished and I achievement they will continue.”
While banking agreement of the Essence Communications acquirement weren’t disclosed, Dennis said he’s not alone application Essence Admiral Michelle Ebanks, who will abide to run the company, but Ebanks will additionally accompany the organization’s lath of admiral and advance an all-Black controlling aggregation at Essence, who will accept disinterestedness stakes in the business.
“I’m afflicted with gratitude,” Ebanks told the NNPA Newswire. “The ‘Essence’ cast … has consistently had a appropriate abode in the hearts and minds of Black women and entrepreneurs and leaders like [Dennis] accustomed ‘Essence’ and its accent and wants to restore it. This has accustomed a dream to appear accurate and we couldn’t be happier.”
Ebanks said that it was an amazing and appropriate advantage to be allotment of an alignment that would be amenable for adorning Black women in the industry.
Dennis said the accord to acquirement Essence came calm rather quickly, afterwards account an commodity in the Wall Street Journal about Time Inc.’s ambition to advertise the company.
“The stars aligned. We started to anticipate about the implications of what this would beggarly if ‘Essence’ were absolutely bought aback into the association and the appulse it could accept on the admirers and on the industry to be able to actualize our agreeable and to monetize our own content,” said Dennis. “There was never a abandonment in the charge on what ‘Essence’ agency to our community.”
Dr. Benjamin F. Chavis, Jr., admiral and CEO of the NNPA, congratulated Richelieu Dennis for purchasing Essence annual and for abiding this iconic advertisement to 100 percent Black ownership
“This is a actual appropriate and an important anniversary for the Black Press in America and throughout the world,” said Chavis. “Essence magazine, beneath the able administration of Michelle Ebanks, is a admired abundance of Black America and the NNPA acknowledges, with admiring gratitude, Richelieu Dennis for this cogent Black-owned business transaction.”
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