NEW YORK — Time Inc., the world’s largest publisher of consumer magazines, is adding Essence and Suede to its stable.
The Time Warner-owned publisher, which bought a 49 percent stake in Essence Communications Partners in October 2000, said Tuesday it had agreed to acquire the remaining 51 percent for an undisclosed sum.
The deal strengthens the odds of survival for Suede, the multicultural fashion magazine launched this fall.
“We love the product editorially, but it struggled its first couple of issues with ads,” said Nora McAniff, executive vice president in charge of Time Inc.’s women’s titles. “Knowing that the people who bring you In Style are also bringing you Suede — that could have a powerful and positive impact on Suede.”
Both Suede and Essence will become part of Time Inc.’s corporate packages for advertisers. Through November, Essence’s ad pages totaled 1,368.8, up 8.5 percent versus 2003, according to the Publishers Information Bureau.
Symbolically, Time Inc.’s acquisition means a company that prided itself on being the second-largest African-American-owned media company in the U.S. can no longer claim that distinction. Ed Lewis, Essence’s founder and chairman, said that did not bother him, arguing that African-American readers are better served in the long run with Essence under Time Inc. control.
“It’s ultimately about securing the future of Essence and making sure its legacy in terms of empowering black women is going to be protected and nurtured for generations to come,” said Lewis, who will continue to serve as the face of the company in his new role as non-executive chairman.
As a sign of Time Inc.’s commitment to its new acquisition, he noted that Essence will move into Sports Illustrated’s headquarters on 50th Street, which will be renamed the Essence Building. (Sports Illustrated will move into Time Inc.’s main building at 1271 Avenue of the Americas.)
McAniff, meanwhile, said Essence will help Time intensify its own efforts to reach what she describes as an underserved market.
“So many companies struggle with diversity, especially media companies,” she said. “What a wonderful resource and talent pool for us to be able to tap into.”