Verizon is increasing its spending with Black-owned media companies based in the U.S., starting with a new partnership with Byron Allen’s Allen Media Group.

According to a press release, the two entities have joined forces to launch a new diversity, equity, and inclusion (DEI) initiative for a Black-owned media summit scheduled for May that will help Verizon reach its goal.

“I’m very proud of Verizon, one of the largest advertisers in the world, coming to the table to make sure we have real economic inclusion for Black-owned media,” Allen, Founder/Chairman/CEO of Allen Media Group, shared in a press statement. “The biggest trade deficit in our nation is the trade deficit between corporate America and Black America, and we must close that gap immediately.”

John Nitti — Chief Media Officer at Verizon — shared his thoughts about how the company has been working toward increasing its DEI efforts to help the industry as a whole progress.

“Verizon has been working to address diversity, equity and inclusion issues for years and we are proud of the actions we continue to take to move the industry forward,” Nitti said in a statement. “Increasing our financial commitment to Black-owned media companies and partnering with Allen Media Group to host a summit that will provide these companies with resources to help enable long term growth is a crucial part of our responsible marketing action plan. It is also an important step in creating the equity the industry needs.”

This announcement from Allen arrives a week after he and several other Black media founders banded together to sign a full-page ad to accuse General Motors CEO Mary Barra of racism after she refused to take a meeting with them. We also reported that GM plans to meet with these Black media companies in the coming weeks as it rolls out its new plan of action to better support them.

More details on the May summit to come.