Time Inc. Closes Essence DealTime Inc. said yesterday that it completed the previously announced acquisition of the remaining 51 percent of Essence Communications Partners it did not already own.
The acquired company publishes Essence, the nation's No. 1 lifestyle magazine for African-American women. Time Inc., the magazine publishing arm of New York media giant Time Warner Inc. and owner of the Time and People brands, did not disclose terms.
The 138-title Time Inc., which accounts for about one-fourth of all ad revenue generated by U.S. consumer magazines, five years ago bought a 49 percent interest in Essence Communications.
Essence has a monthly circulation of 1,057,000. The magazine claims a readership of 7 million African-Americans monthly. Sister magazine Suede launched in September, covering fashion and beauty. The guaranteed rate base for the new nine-times-a-year title is 250,000 in 2005.
Other components of Essence Communications include the Essence Awards, Essence Books, Essence Music Festival and brand licensing agreements for Essence eyewear and hosiery. Essence Communications was founded 35 years ago.
Mickey Alam Khan covers Internet marketing campaigns and e-commerce, agency news as well as circulation for DM News and DMNews.com. To keep up with the latest developments in these areas, subscribe to our daily and weekly e-mail newsletters by visiting www.dmnews.com/newsletters