For the first time in nearly two decades, Essence magazine is once again a fully black-owned publication.

The magazine, a mainstay of black culture for almost half a century, was bought by Richelieu Dennis, the founder of Sundial Brands, a large personal-care products company, from Time Inc., Essence Ventures announced on Wednesday. Mr. Dennis would not discuss the details of the sale.

In a phone interview on Wednesday, Mr. Dennis, 48, said that he bought the magazine “to serve and empower women of color.”

“This will give Essence a platform and a voice to serve its consumers, which are women of color,” Mr. Dennis said during a flight from his native Liberia to the United States. “They have allowed us to invest into the business so that we can bring in the infrastructure and resources.”