Over the past 47 years Essence Magazine has become a staple for black women. With it's down-to-earth tone, and "sister-girl" sensibility, the brand has since expanded beyond print to encompass an annual festival featuring seminars, performances, and appearances from black celebs, musicians, and personalities. With a prominent feature in the recent "surprise" box-office summer hit film "Girls Trip," it would appear that Essence is a hot commodity.

Despite the brands booming events business and growing digital audience, Time Inc. announced that it is looking to sell a majority stake in the monthly African-American women's lifestyle magazine. According to the Wall Street Journal, the sell is part of a strategic move by Time to refocus on its core brands – People, InStyle, Real Simple and TIME. 

Time Inc CEO Rich Battista said that the publisher will keep a stake in Essence as there is still "real upside" for the brand, but they are looking for a "strategic partner with investment capital" to "unlock value" for the magazine. Despite viewing Essence as a core brand, Battista said he is hoping for a deal by the end of the year. Time stock has traded up nearly 3% since the announcement.