Brian Steinberg Senior TV EditorA coterie of 20 big advertisers — General Mills, L’Oreal and Nestle among them — has vowed to spend between 2% and 5% of their annual media budgets on Black-owned media outlets, part of a growing effort on Madison Avenue to raise ad dollars in support of multicultural media venues.The group of marketers, which also includes AARP, Mars, Pernod Ricard, Danone, DoorDash, Target and Tyson Foods, is working through GroupM, the large WPP media investment unit that helps allocate billions of dollars each year to various media venues.
Several big media agencies, including Interpublic Group’s Mediabrands, have worked to make the process of buying commercial inventory from media companies owned by people of diverse.
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