Comcast’s (NASDAQ:CMCSA) entertainment arm NBCUniversal and Group Black, a company that invests in black-owned media, are entering into an agreement to boost inclusive ad investment across NBCUniversal’s Black-led content portfolio, including comedies, cinema, and dramas. The move is expected to amplify Black voices and Black-led content on NBCUniversal’s Peacock streaming platform.
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More Ad Dollars in Black-Led Content
NBCUniversal said that through Black Excellence 365, it has curated a collection of Black-led and diverse content for exclusive marketing and sale by Group Black. Founded in 2021, Group Black aims to scale up investments in Black-owned businesses.
Group Black will sell ads in drama and other shows that are popular among Black audiences on Peacock and NBCUniversal’s other streaming services. The exclusive partnership was announced on Juneteenth, the U.S. holiday commemorating the emancipation of enslaved African Americans.
Further, under the deal, the majority of the client ad spending will be directed back into the Black-owned media ecosystem, reinforcing Group Black’s mission to support Black content creatives. Citing a Nielsen survey, the companies noted that 55% of Black viewers are more likely to buy from brands that advertise in inclusive content.
The unfortunate killing of George Floyd by the police in 2020 sparked nationwide protests and prompted many large advertisers to commit to higher ad-spending with Black-owned media. In 2021, automaker General Motors (NYSE:GM) pledged to increase its spending with Black-owned media from 2% to 4% of its national ad budget by 2024 and 8% by 2025.
What is the Stock Price Prediction for CMCSA?
Last month, Benchmark analyst Matthew Harrigan increased the price target for Comcast to $49 from $46 and reiterated a Buy rating on the stock.
Of the 16 top Wall Street Analysts covering Comcast stock, 11 have a Buy rating, four rate it a hold, while one has a Sell recommendation. The average price target of $45.94 suggests 11.5% upside. CMCSA shares have advanced about 18% year-to-date.
