The BirTh of essence Magazine

Founding Fathers of Essence

Essence Communications Inc. was founded in 1968 by Clarence O. Smith, Cecil Hollingsworth, Jonathan Blount, and Edward Lewis. The company published the first blackowned women’s magazine in the U.S., which will celebrate its 55th anniversary this year.

Despite the massive success that Essence Magazine has achieved today, the beginning was grueling. Within the first year the magazine had a high turn over rate. Three of the five original Cofounders/Editors in Chief quit within the first year. And in 1975, after the company began to make a profit, it was nearly bankrupt from the original three owners suing for their share of prof- its. The three year lawsuit resulted in Hollingsworth selling his shares of the company, which would ultimately be the lifeline to save Essence magazine.

In 2000, Time Inc. purchased a 49% percent stake from owners Clarence Smith and Edward Lewis. In 2005, Time Inc. purchased the remaining stakes of the company, making Essence no longer black owned. In 2017, the new ownership was accused of discrimination and unfair treatment. Richelieu Dennis, an African businessman purchased Essence Communications, and is now under Essence Ventures. Since the new acquisition melanated women now operate and facilitate Essence

Essence Magazine has been awarded many prestigious awards over its 55-year history including winning Outstanding Magazine of the Year. The publication has received numerous awards, including several National Association of Black Journalists (NABJ) awards, and has also created several awards, that include the Essence Literary Awards, the Power Award, the Shining Star Award, and the Vanguard Award that are all presented at the annual Black Women in Hollywood Awards, held each February.

Half a century later, Essence magazine has a circulation of more than 1 million and a readership base of 8.5 million. The prosperous company will continue to publish magazines for years to come showing what it means to be black, beautiful and gifted in a society that says otherwise.

First Issue Released in 1970

Black Enterprise Magazine was founded by Earl Graves Sr. and has been the premier African American business publication since 1970.

From its inception, it was founded on the principle that black businesses and entrepreneurs should have equal access to knowledge and resources on topics such as investing, entrepreneurship, financial literacy, and corporate development. Black Enterprise Magazine has consistently and successfully provided informational access to the black community that will allow them to better their lives and the lives of their families.

In 1988, Earl Graves Sr. named his eldest son Earl Graves Jr. the Chief Executive Officer. Black Enterprise Magazine— which is dedicated to providing African Americans with the resources they need in order to succeed in business and life.

The magazine provides career advice and financial tips, as well as news about black businesses and economic news. It also features interviews with successful African Americans in business—including CEOs, founders, and other leaders who have paved the way for success in their fields.

The magazine’s evolution over time has mirrored that of its readership: as more and more people read online publications instead of printed ones, Black Enterprise Magazine releases digital issues alongside its print editions. As of December 2020, the renowned publication has now grown into a circulation of half a million with over 500,000 subscribers, and is approximately worth 22 million dollars.