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Online Stock Market Trading Time Inc. said it signed a non-binding agreement to acquire the majority of Essence Communications Partners, publishers of Essence magazine.

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Stock Investing Game Jan 4, 2005 (AXcess News) New York - Time Inc., a wholly-owned subsidiary of Timer Warner (NYSE: TWX), said it signed a non-binding agreement to acquire the majority of Essence Communications Partners, publishers of Essence magazine.

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Journal Prime Rate Street Wall Financial terms of the deal were not disclosed. Ann Moore, Chairman and CEO of Time Inc., said, "We've been delighted with our investment in Essence Communications and our overall relationship with them. It's a terrific company with a great deal of talent and a wonderful brand. There has always been a mutual understanding between us that if they ever wanted to sell the remaining interest, we wanted to purchase it. So, we're especially pleased with this development."Ed Lewis, Chairman & CEO of Essence Communications and Publisher of Essence magazine, said, "Time Inc. has distinguished itself by recognizing the impact of African-Americans on a global scale, and their influence within the cultural landscape. Thanks to our partnership with Time Inc., Essence Communications is a stronger, more competitive publisher. Once the deal has been approved and we become a full-fledged member of the Time Inc. family, we're looking forward to aggressively broadening the scope of the Essence brand and penetrating new markets around the world. It will give me great pride and comfort to know that Essence will be secure for generations to come and that its prospects for even greater success will be brighter than ever. "AdvertisementAccording to the announcement released Tuesday, Essence's Lewis will continue to represent Essence magazine amongst advertisers. Michelle Banks, currently Group Publisher, will become President of Essence Communications.

David Aber has held senior positions in both publicly traded and private entities. Most recently he was the Chief Financial Officer of Arcadian Networks Inc, a broadband wireless carrier for utilities and industries, and prior to that he was the CFO of Finjan Software Inc., a web security solutions company. As CFO of Zen Research plc, Mr. Aber led a public offering that raised $100 million on the London Stock Exchange. 2000 he served as CFO of DSP Communications, traded company that ultimately was acquired by Intel for $1.6B.

Stock Market News Time Warner shares were up 2 cents at $19.43 at 12:43pm ET Tuesday following the Essence acquisition announcement.

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