ESSENCE Ventures Invests in REVOLT’s Parent Company in Strategic Deal
ESSENCE Ventures has announced its investment in Offscript Worldwide, the parent brand of REVOLT. ESSENCE Ventures will now have a minority stake in Revolt New Media Holdings LLC and will give Sundial founder and Chairman Richelieu Dennis a seat on the board. This deal brings together two of the largest Black-owned media portfolios in the US.
Both companies have portfolios that include music, women’s lifestyle, beauty, creators, sports and gaming and live experiences.
“This investment is about continuing the momentum both organizations have built and creating the scale to compete for where media and advertising are going,” said Kirk McDonald, Chief Executive Officer of Sundial Media & Technology Group, parent company of ESSENCE Ventures, in a press release.
Black-owned media coming together
This investment will prioritise live experiences at a time when AI is driving the advertising market. In 2025, the ESSENCE Festival of Culture brought together an audience of 500,000, highlighting the demand for live experiences that connect the community.
“Offscript Worldwide and REVOLT built the audiences driving youth culture across music, gaming and sports. Sundial Media Group adds cross-cultural, multigenerational women’s audiences. Together, that’s the full range of people shaping what’s next. For advertisers, that’s not a niche buy. That’s access to culture itself,” Detavio Samuels, Chief Executive Officer, Offscript Worldwide and REVOLT.
Changes at ESSENCE Ventures
Last year, Caroline Wanga stepped down from her role as president and CEO of ESSENCE Ventures. Wanga joined the company in 2020 but took a one-year leave due to health reasons. Wanga’s exit from the company comes shortly after the 2025 ESSENCE Festival of Culture, which faced backlash for its programming and accessibility, according to Blex Media. Though a few people tried to associate her departure with the criticism of the festival, Wagna states that this is not the case.
In 2024, Sundial Media Group (SMG), the parent company of Essence Ventures, acquired Refinery29 from Vice Media.
This acquisition marked a major shift as SMG, led by Richelieu Dennis, aims to broaden its reach and influence across the female-oriented digital landscape. Essence Ventures has several prominent brands under its umbrella, including ESSENCE magazine, AFROPUNK, Girls United, and Beautycon.
Image: Benjamin Norman/New York Times
