Time Inc. purchased a large portion of Essence magazine in 2000 and five years later, the company owned a majority stake in the longtime publication. Time is in talks to sell off its majority stake, a move that could be helpful for the outlet to find a new partner and sustain itself.
The process has begun at Time Inc to unload non core brands and business divisions. Kicking things off will be Essence as Time Inc is looking to unload a majority stake in the magazine focused on African American women’s lifestyle and beauty according to a report from The Wall Street Journal.
When Time Inc decided a couple months ago that it would no long pursue a plan to sell itself, the company said it would instead sell off non core brands and business units to help it save $100 million and tighten its focus on its digital media efforts. Time Inc CEO Rich Battista says the move is designed to unlock the value in the brand by bringing in a partner.
Essence has been in publication since May 1970 and was founded by Edward Lewis, Clarence O. Smith, Cecil Hollingsworth and Jonathan Blount.