Essence Magazine is now 100 percent black-owned.

Variety reports that Time Inc. recently sold Essence Communications to a privately-owned, independent and black-owned venture, Essence Venture LLC. The owner of the venture is Richelieu Dennis, the founder of the Sundial hair and skin-care brand.

Michelle Ebanks will continue to perform duties as Essence's president, and will also be added to the board of directors. Ebanks and the magazine's all-female executive team will have equity stakes in the business as well.

"Under the new ownership, Essence will focus on expanding its digital businesses via distribution partnerships, developing original content and pursuing 'targeted client-first strategies,' according to the announcement," writes Variety.

“This acquisition of Essence represents the beginning of an exciting transformation of our iconic brand as it evolves to serve the needs and interests of multigenerational black women around the world in an even more elevated and comprehensive way across print, digital, e-commerce and experiential platforms,” said Ebanks in a statement.

Essence Communication was founded in 1968, and was bought by Time Inc. in 2005.

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