Time Inc. to Buy Essence Magazine
Time Inc., the biggest U.S. magazine publisher, is buying 51 percent of Essence Communications, whose women's title Essence is the second-biggest selling black magazine in the U.S. with a circulation of more than 1 million. Time Inc. had previously owned a 49 percent stake in Essence Communications which it bought in 2000.
Essence magazine founded in 1970 by Edward T. Lewis and Clarence O. Smith is the second biggest black magazine in the United States after Ebony which is owned and published by John H. Johnson.
Essence Chairman and CEO Edward T. Lewis will become non-executive chairman, promoting the Essence brand to advertisers.The sale is expected to close next month.
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