MACRO has hit a groundbreaking milestone geared toward advancing the multicultural market.
The multi-platform media company — founded by Charles D. King — announced it has raised $90 million in a strategic funding round, according to a press release shared with AfroTech.
The minority investment was led by BlackRock Alternatives through the BlackRock Impact Opportunities Fund and funds and accounts managed by BlackRock, the press release detailed. Fellow participants included Harbourview Equity Partners and funds managed by Goldman Sachs Asset Management.
MACRO’s roster of investors includes Emerson Collective, AMC Networks, Essence Ventures, MNM Creative, Raymond J. McGuire, Anré Williams, Clara Wu, and more.
“With the global power of a partner like BlackRock Alternatives as well as our new additional investors, we are extremely well-positioned to build on the vast opportunities in the media and entertainment arena, both in the U.S. and abroad,” King said in a press statement. “This next phase for MACRO is to extend our reach by fueling each business vertical with the appropriate human and financial resources to unleash the full potential of the MACRO ecosystem. In particular, we will markedly expand our efforts in the development and ownership of IP, strengthen our connectivity with consumers, and broaden the range of services provided by our brand vertical and representation partnership.”
The $90 million minority investment is set to go toward expanding MACRO’s operations across its business verticals and growth initiatives to bring in new revenue streams.
“MACRO has an established track record of producing premium, award-winning TV and film content focused on people of color, which has historically been short in supply but high in demand,” said Pam Chan, Chief Investment Officer & Global Head, BlackRock’s Alternative Solutions Group. “We are pleased to make this investment on behalf of our clients, and look forward to partnering with Charles and MACRO’s management team to further the company’s mission of increasing representation of persons of color across its media verticals.”
MACRO’s business verticals and partnerships include MACRO Film Studios, MACRO Television Studios, Brand MACRO, and UNCMMN.
MACRO Film Studios provided co-financing for acclaimed movies such as “Judas and the Black Messiah,” “Mudbound,” “Fences” and others.