Essence Communications Inc., the 48-year-old mutliplatform brand that owns Essence magazine and the annual Essence Festival, has gone back to black (ownership), having been acquired by Essence Ventures LLC, an independent African-American-owned company, Essence Ventures announced in a press release.

Time Inc. is looking to hand the reins of Essence over to another party, seeking to sell a majority stake in the monthly African-American women’s lifestyle publication.