Mogul was reacting to a pledge from GM to spend more of the budget it owned: “Now no corporate America can convince our community that incremental progress is an acceptable action.” Sean Combs, in an open letter posted on his Revolt TV channel’s website, called on large corporations to fail to pay meaningful advertising dollars to black-owned media companies.
“We demand that corporate America reinvest an equal percentage of what it took from our community back into our community,” Sean Combs wrote. “The way you understand the power of our dollars, we understand our power to expel them from any corporation that does not give us the economic inclusion that we are entitled to. We are ready to weaponize our dollars. ”
Sean Comb was responding to a move by General Motors last week when it announced it would spend the bulk of its advertising allocation on black media, eventually increasing 8 percent of its total advertising spend by 2025. The automaker said it currently spends 2 percent of its budget on black-owned media.
Combs states in his letter that the new initiative was not enough: “If you love us, pay us! Not a token investment. Not a donation check or donation,” Sean Comb wrote. “Radical change is the only option. You are either with us or you are on the other side.”
In a statement, GM said in statement, “Our commitment goes beyond advertising and sponsorship revenue. We want to partner with black-owned and diverse media companies for a long time.” This includes access to business enablers such as customized deal structures and measurement and mentorship tools, which are often a barrier to small and emerging businesses. In addition, in May of 2021, we will launch our diversely owned media upfront.
The process, which is a dedicated briefing for diverse media owners that encourages partners and potential partners to submit business proposals, will be recognized by a third party to ensure fairness and transparency. As the company with the largest diversified media spend in our industry, we are committed to regularly evaluating our approach to maintain our rights position.
Sean Comb’s letter follows the public pressure of media mogul Byron Allen and other black leaders, who had advertised a newspaper calling the automaker for not spending enough in the Black community. Allen, whose holding includes The Weather Channel and several local TV stations across the country, has also pushed other big companies to increase their advertising spend.
On Wednesday, Allen and telecom giant Verizon announced a deal that would increase their advertising spend on black-owned media, although specific details were not available.
“I am proud of Verizon, one of the world’s largest advertisers, to ensure that we have real economic inclusion,” Allen said in a statement. “T he biggest trade deficit in our country is the trade deficit between Corporate America and Black America, and we should close that gap immediately.”
GM is an advertiser for Revolt TV, Coombs said in his letter, though he stated that “our relationship is not an example of success. Instead, Revolt, like other Black-owned media companies, fights for crumbs while GM earns dollars. Every year from the black community. “No corporate America can manipulate our community now that incremental progress is acceptable action,” Comb wrote in his letter.