Essence magazine is up for sale.
Time Inc. plans to sell its majority stake in the monthly African-American women’s publication, hopefully by the end of the year, The Street reports.
Rich Battista, Time’s CEO, said Essence has “real upside,” so he intends to keep a stake in the publication, reported the Wall Street Journal, which first broke the story. He pointed to Essence’s event business, strong digital presence in the market and relationships with marketers as the upside.
The CEO added that Essence is seeking a “strategic partner with investment capital” that can “unlock value” in Essence.
Earlier this year, Time Inc. placed itself on the auction block. Several potential buyers came forward, according to Bloomberg. But Time declined the bids, choosing instead to refocus on its core brands, which include People and InStyle.