MACRO, multi-platform media company founded by Charles D. King, has announced its completion of a minority investment in of over $90 million. According to MACRO, the investment was led by BlackRock Alternatives through the BlackRock Impact Opportunities Fund and funds and accounts managed by BlackRock.
The BlackRock Impact Opportunities Fund was created to help fund projects and businesses led by, owned or serving people of color. The fund specifically focuses on Black, Native American and Latinx communities.
Other companies who participated in the investment round included Harbourview Equity Partners and funds managed by Goldman Sachs Asset Management, as well as Emerson Collective, AMC Networks, MNM Creative, Raymond J. McGuire, Essence Ventures, Anré Williams and Clara Wu, among others.
The money will be used by MACRO to scale the company and “expand operations across its existing business verticals” along with invest in “key organic and inorganic growth initiatives” to diversify revenue streams.
“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,” said King in a 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.”
“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,” added 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 has a deep understanding for how to shape culture and economically empower the voice and perspectives of Black people and people of color on a global level and is a perfect fit for our vision of the next generation of multiplatform media companies,” added Sherrese Clarke Soares, Chief Executive Officer & Founder, HarbourView Equity Partners. “By introducing new images, ideas and paradigms that reflect the dynamic world in which we live, MACRO is uniquely positioned to bridge the $15 billion+ equity gap in Hollywood by creating culturally authentic and socially relevant content.”