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Essence magazine sold to Time, Inc.
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Essence Communications Partners, publishers of Essence magazine, has signed a non-binding agreement to allow Time Inc. to acquire the portion of the company that it does not already own.
Financial terms of the transaction were not disclosed.
Ann Moore, chairman and CEO of Time, Inc., said, "We've been delighted with our investment in Essence Communications and our overall relationship with them. It's a terrific company with a great deal of talent and a wonderful brand. There has always been a mutual understanding between us that if they ever wanted to sell the remaining interest, we wanted to ...
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