Charles King’s Macro has raised a $90 million minority investment from BlackRock Alternatives, HarbourView Partners and funds managed by Goldman Sachs Asset Management.
Macro will use the influx of capital to expand its multiplatform operations across production, branding and talent representation units, said King, who is founder and CEO of Macro. The company will also work to diversify its revenue streams with businesses that build a direct connection with consumers.
A former WME partner, King launched Macro in 2015 to focus on content that amplifies underrepresented voices to capitalize on the untapped business opportunity. Macro previously raised about $150 million in a 2017 round of financing that included such investors as Emerson Collective, Ford Foundation and W.W. Kellogg Foundation.
“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. “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.”
BlackRock’s investment flowed through its BlackRock Impact Opportunities Fund, which seeks out “compelling investment opportunities” for clients with an emphasis on businesses owned or led by people of color.
“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 work as an incubator and producer such as films as 2021’s “Judas and the Black Messiah” has the power to help close the equity gap for Black Americans, in the eyes of HarbourView Equity Partners founder and CEO Sherrese Clarke Soares.
“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,” said Soares. “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-plus equity gap in Hollywood by creating culturally authentic and socially relevant content.”
Macro’s operations include a traditional film studio (Macro Film Studios), a busy TV production shop (Macro Television Studios), an in-house brand creative agency (Brand Macro), and a brand and talent managmenet division (UNCMMN) representation division. In 2020, Macro also launched a broader management firm, M88, with WME veteran Phillip Sun to guide the careers of creative talent. The new round of founding will be devoted in part to growing M88’s ability to maximize “its multi-hyphenate clients’ growth potential across all of their creative and commercial endeavors.”
King and Macro’s Bobby Singh, exec VP of strategy and operations, led the investment drive with Moelis & Co.’s Carlos Jimenez and Angus Whelchel as financial advisors. Legal advisors were Latham & Watkins’ Ken Deutsch and Corey Martin of Granderson Des Rochers. Raine Group and Ropes & Gray were financial and legal advisors, respectively, to BlackRock in the transaction. Sidley Austin repped HarbourView.
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