Media investment company GroupM is targeting a spend of $75 million to support media collective Group Black, a new initiative aimed at supporting Black-owned media and creators by connecting them with agencies and brands. This infusion of funding is just the first allotment to help bolster this newly formed organization.
The “first-of-its-kind” initiative is designed around three pillars: members, brands and creators, along with Group Black Ventures, an accelerator that funnels capital and expertise to jumpstart emerging Black-owned media channels.
GroupM’s initial participation is part of Group Black’s broader effort to deploy at least $500 million in Black-owned media by the end of 2022. Group Black is “confident” they can meet this goal. For its part, this partnership bolsters GroupM’s pledge under its recently launched Media Inclusion Initiative, an initial consortium of 20 industry-leading clients, to spend at least 2% of its annual media budgets in Black-owned media.