Macro Announces $90 Million Minority Investment Led By BlackRock Alternatives
Macro, the media company founded in 2015 by Charles D. King, announced the completion of an over $90 million minority investment led by BlackRock Alternatives, through the BlackRock Impact Opportunities Fund and funds and accounts managed by BlackRock. Harbourview Equity Partners and funds managed by Goldman Sachs Asset Management also participated in the round, joining the list of Macro’s investors that also includes Emerson Collective, AMC Networks, Essence Ventures, MNM Creative, Raymond J. McGuire, Anré Williams, Clara Wu and others.
The company plans to use the additional capital to scale and expand operations across its existing business verticals, as well as invest in key organic and inorganic growth initiatives to diversify its revenue streams and reinforce the company’s core lines of business.
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“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,” King said. “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,” 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.”
The BlackRock Impact Opportunities Fund seeks to uncover compelling investment opportunities for its clients by investing in businesses and projects owned, led by or serving people of color, with a particular focus on Black, Latinx and Native American communities in the United States.
The company’s business verticals and partnerships include:
Macro Film Studios, led by James F. Lopez, which develops, finances and produces premium content that authentically portrays the experiences of people of color globally. Macro has financed and/or produced 18 films to date that have collectively earned 15 Oscar nominations, with three wins—two for 2021’s Judas and the Black Messiah, the first film with an all-Black producing team nominated for Best Picture. The company just wrapped production on Freaky Tales, written and directed by Captain Marvel helmers Ryan Fleck and Anna Boden, starring Pedro Pascal, Ben Mendelsohn and Jay Ellis. Additionally, releasing this year will be Netflix’s They Cloned Tyrone starring John Boyega, Jamie Foxx and Teyonah Parris.
Macro Television Studios, which is dedicated to creating, developing and producing scripted and unscripted episodic projects. The projects have garnered seven Emmy nominations, one Emmy win and one Peabody nomination for Netflix’s Gentefied. Shows gearing up for production include Government Cheese, recently greenlit by Apple, starring David Oyelowo. Dear Mama: The Saga of Afeni and Tupac Shakur, a five-part limited series directed by Allen Hughes, will air on FX this spring.
Brand MACRO – An in-house creative agency that ideates and executes branding, marketing and experiential activations for the MACRO ecosystem and the culture. The agency, led by Stacey Walker King, the company’s Chief Brand Officer, counts Fortune 100 companies as its clients. As a sought-after collaborator, partner and builder, Brand MACRO has been tapped to craft marketing and culture campaigns, branded content and immersive experiences for brands and organizations in the entertainment, media, finance and automotive sectors. Future opportunities for the vertical include growth in key areas to service existing clients and expand capabilities in the branded content, production and brand strategy areas.
UNCMMN – A talent, brand management and entertainment strategy firm that focuses on the amplification of creators of underrepresented groups rooted in digital media, will also expand its capabilities in complementary arenas. Stephanie Piza is Co-Founder & Head of Talent at UNCMMN.
In 2020, King teamed with former WME Partner Phillip Sun to launch M88, the company’s joint venture, a full-service talent management firm representing culture-defining A-list artists on a global scale. Sun, Co-Founder, President and Managing Partner, leads M88, with partners Gaby Mena and Oronde Garrett. The firm plans to expand its operations and continue maximizing its multi-hyphenate clients’ growth potential across all of their creative and commercial endeavors.
King and Bobby Singh, Executive Vice President, Strategy & Operations at MACRO, led the raise on behalf of MACRO. Moelis & Company, LLC, led by Managing Directors Carlos Jimenez and Angus Whelchel, acted as exclusive financial advisor and exclusive placement agent for MACRO. Latham & Watkins LLP, led by Ken Deutsch, Global Co-Chair of the Entertainment, Sports and Media Practice, represented MACRO as legal counsel, alongside Corey N. Martin, Managing Partner and Chair of the Entertainment Finance Practice at Granderson Des Rochers, LLP, the largest Black-owned entertainment law firm in the U.S.
The Raine Group acted as exclusive financial advisor and Ropes & Gray LLP acted as legal advisor to BlackRock Alternatives. HarbourView Equity Partners was represented by Sidley Austin LLP.
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