In the new millennium, ESSENCE is in her prime. In spite of the reluctance to highlight the emerging genre of hip-hop, the publication eventually got on board. “The 2000s brought with them growth and drastic change for Black women,” said ESSENCE Ventures President and CEO Caroline Wanga.
The nation would be rocked to its core by national tragedy, with 9/11 taking place in 2001, and the 2000 stock market crash, a direct result of the bursting of the dotcom bubble. Nonetheless, ESSENCE was at its peak—the growth of ESSENCE Festival expanded the brand’s reach, and the magazine was upholding Black women and covering important issues as it pertained to the Black community.
However, the competition in the publication industry was bubbling up, as VIBE became a formidable competitor. So founding partner Ed Lewis, showed interest in purchasing it, as a potential addition to the growing ESSENCE brand. Lewis went to meet with Don Logan, the then-president of Time Inc., and instead of focusing on purchasing VIBE, the conversation pivoted to Time Inc.’s interest in investing in ESSENCE. Logan initially wanted to buy 10 percent of ESSENCE, which then increased to 50 percent, to which Lewis declined, in fear tat readership would not approve of partial ownership from a larger, white company. The two negotiated a 49 percent deal, and the company would maintain the remaining 51. Time Inc. paid $143 million for the 49 percent share of the magazine.
Though there was some disappointment from readers from the buyout, it was Editor-In-Chief Susan L. Taylor who helped to press the brand forward, though she would step down in 2000, following a nearly two decade reign. Monique Greenwood was her successor, brought on by Taylor herself. While Taylor stepped out of the EIC role, she remained an integral part of the magazine’s success, becoming the…
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