Group Black, a media network founded in 2021 to channel ad dollars to Black-owned media, is undergoing significant leadership changes, according to Business Insider.
Travis Montaque, co-founder and CEO, has taken a leave of absence, as confirmed by sources close to the matter, although he remains listed as CEO on the company’s website.
This development comes amidst a series of high-profile departures from the company’s C-suite, indicating a period of instability for the young enterprise.
Key Leadership Changes
The leadership turmoil at Group Black began with Montaque’s leave, followed by several key executives exiting the company.
These include Kerel Cooper, advertising president; Dan Bisgeier, CFO and chief investment officer; Delida Costin, chief legal officer; Mike Owen, chief business officer; Ryan Robertson, SVP of marketing; and Marchelle Wright, chief people officer.
In response, Ashley Banks, formerly SVP of sales, has been promoted to EVP of commercial, succeeding Cooper.
Montaque, founder of messaging technology company Holler, started Group Black alongside entrepreneurs Richelieu Dennis and Bonin Bough.
The company secured a $75 million commitment from GroupM, a prominent ad-buying firm, with plans to deploy $500 million into Black-owned media by the end of 2022.
Despite this ambitious goal, sources have indicated that Group Black did not receive the expected funds from these commitments and delayed payments to publishers.
Challenges and New Ventures
Group Black was established when many advertisers pledged increased spending with Black- and minority-owned businesses following the 2020 social justice movements.
However, many Black-owned media properties needed more audience scale required by major advertisers, leading to uneven gains.
Group Black’s strategy involves driving ad dollars to its member companies and acquiring stakes in media companies, including notable names like Essence, Pod Digital Media, and She Media.
Despite financial hurdles, Group Black continues to forge new partnerships.
Recently, the company announced a collaboration with NBCUniversal’s Peacock streaming service to develop a multicultural content hub called “E!+,” distinct from NBCU’s E! Network.
Feature Image Credit: Fortune
#blacktech #entrepreneur #tech #afrotech #womenintech #supportblackbusiness #blackexcellence #technology #blackbusiness #blacktechmatters #blackowned #blackgirlmagic #blackpreneur #startup #innovation #hbcu #techtrap #blackownedbusiness #pitchblack #autographedmemories #blacksintech #shopblack #wocintech #nba #blackwomen #repost #hbcubuzz #blackwomenintech #startupbusiness #nails
Source link
