Macro, the media company behind Fences and other films, has raised more than $90 million from investors including BlackRock Inc. and Goldman Sachs Group Inc.
(Bloomberg) — Macro, the media company behind Fences and other films, has raised more than $90 million from investors including BlackRock Inc. and Goldman Sachs Group Inc.
The money will allow the Los Angeles-based firm to expand its pipeline of TV shows and movies, as well as related businesses. Macro also manages actors Michael B. Jordan, Idris Elba and Taraji P. Henson, and operates a venture capital fund.
BlackRock invested through its Impact Opportunities Fund as well as other accounts, according to a press release on Monday. Other investors include HarbourView Equity Partners.
“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,” Pam Chan, chief investment officer for BlackRock’s Alternative Solutions Group, said in a statement.
Founded in 2015 by former talent agent Charles D. King, Macro has carved out a niche as a producer of projects created by and starring people of color. It works with most of the top Black talent in Hollywood. Its films Judas and the Black Messiah, Mudbound and Fences all earned Oscar nominations, and won three. The company hasn’t had many huge commercial hits, however.
King was the first African American partner at the talent agency William Morris Endeavor, according to his bio. Macro raised $150 million in 2017 from investors including the Emerson Collective, the Ford Foundation and the W.K. Kellogg Foundation.
Last year, Macro signed a deal to give Amazon.com Inc.’s streaming service and studio a first look at its projects.
King raised this latest round of funding at what has been a tough time for dealmaking in the entertainment business. It’s more expensive to borrow money due to rising interest rates, and cutbacks at major media companies have prompted some investors to sour on independent film and TV studios.
Read more: ‘Yellowstone’ studio sale stalls after streaming bubble bursts
More stories like this are available on bloomberg.com
©2023 Bloomberg L.P.