Black-Owned Essence Ventures Acquires Refinery29

Sundial Media Group (SMG), the parent company of Essence Ventures, has announced its decision to acquire Refinery29 from Vice Media. 

Refinery29, a prominent women’s lifestyle platform, has faced financial challenges in recent years but remains a key player with its distinct millennial women audience. 

This acquisition marks a major shift as SMG led by Richelieu Dennis, aims to broaden its reach and influence across the female-oriented digital landscape.

Sundial Media Group Acquires Refinery29

Essence Ventures already has several prominent brands under its umbrella, including ESSENCE magazine, AFROPUNK, Girls United, and Beautycon, which was acquired in 2021.

Essence Ventures sees the Refinery29 acquisition as an opportunity to enhance its content diversity and advertising strength. 

“We’re very excited about the expansive ecosystem we’re building at Sundial Media Group,” Dennis said in a press release.

“Refinery29 is an incredible brand with a phenomenal team that will play an important role in reimagining the ways that media serves the need for connection, culture and commerce in these distinct, but complementary communities of the New General Market.”

Future Prospects and Industry Impact

With Cory Haik stepping in as CEO of Refinery29, the platform is set to operate independently within the Sundial Media Group, promising fresh leadership and direction. 

“We are thrilled to join the Sundial Media Group suite of brands, deepen our meaningful connection with audiences, and strengthen our collective goal: to be an inclusive platform for all women,” said Haik.