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Essence magazine is back under 100-percent black ownership. Essence Communications announced Thursday that it was acquired from Time Inc. by Essence Ventures for an undisclosed sum. Essence Ventures was founded in 2017 by Richelieu Dennis, who also founded personal care company Sundial Brands, which owns beauty companies Shea Moisture, Nubian Heritage and Madam C.J. Walker. Time Inc. originally purchased a 49 percent stake in the magazine in 2000 from owners Clarence Smith and Ed Lewis before buying the remaining 51 percent in 2005, according to the New York Times.