Advertising giants GroupM and Interpublic Group have agreed to invest in Black-owned media companies following more than a year of campaigning by a group led by Byron Allen.GroupM, which is owned by WPP, is one of a handful of major holding companies controlling tens of billions of dollars in advertising.
It plans to ask its clients to commit to spending 2% of their annual budgets on Black-owned media while also incubating an “accelerator” program to promote Black creative talent.IPG has said it will direct at least 5% of its annual spending to Black-owned media by 2023.The commitments by GroupM and IPG were initially reported by AdAge.In an interview with Deadline, Allen commended GroupM for its stance, but said the 2% pledge was “too
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