Magna To Host Second Equity Upfront With Diverse-Owned Media Firms

(Image credit: Magna)

Media agency Magna said it will hold its second Equity Upfront April 5 through April 7.

The event is designed to get brands together with diverse-owned media companies. Magna, part of IPG’s MediaBrands unit, has announced its commitment to invest 5% of its spending in Black-owned media by 2023.

Media companies participating include Allen Media Group, Ebony Media, ReachTV, Revolt, Group Black, Urban Edge Network, NuTime Media and Black Enterprise.

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The theme of this year’s event is Invest for Impact. During the event Magna will release research on the Black American consumer. The research shows that representation and addressing stereotypes are important in making video content culturally relevant. 

“We are thrilled to be working together with Magna and MediaBrands to bring bold and brilliant conversations about issues that matter most in Black communities, to brand marketers,” said Michele Ghee, CEO at Ebony & Jet. “At Ebony, we are committed to telling stories – for us and by us – and those important life moments that matter and contribute to the American fabric. Our partnership with Mediabrands has shown that brands care about real impact in Black communities.”

The Equity Upfront will also have media companies owned by members of the Hispanic, Asian American Pacific Islander and LGBTQIA+ communities.

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“After last year’s inaugural Equity Upfront, we pledged to invest a minimum of 5% in Black-owned media to reverse long-standing inequities in the advertising industry,” said Dani Benowitz, president, U.S., at Magna.

“We’re very happy to report that since then, Magna has added new bespoke partnerships that extend to innovative integrated marketing programs and content solutions. We remain committed to creating more breakthrough opportunities and using our audience insights and consultative reach to support diverse-owned media suppliers in impactful ways,” Benowitz said. ■

Jon Lafayette

Jon has been business editor of Broadcasting+Cable since 2010. He focuses on revenue-generating activities, including advertising and distribution, as well as executive intrigue and merger and acquisition activity. Just about any story is fair game, if a dollar sign can make its way into the article. Before B+C, Jon covered the industry for TVWeek, Cable World, Electronic Media, Advertising Age and The New York Post. A native New Yorker, Jon is hiding in plain sight in the suburbs of Chicago.