Charles King's Macro Raises $150 Million to Finance Film, TV Slate
The media company's investors include Laurene Powell Jobs' Emerson Collective, Ford Foundation, W.K. Kellogg Foundation and Libra Foundation.
Macro, the multicultural media company founded by former WME partner Charles King, has raised an additional $150 million in financing from a slate of investors that includes Laurene Powell Jobs' philanthropic and investment vehicle.
The round, which incudes equity and debt financing, will allow Macro to finance and produce between four and six film and television projects each year. That slate will build on existing projects from Macro, including Dee Rees' Mudbound.
In addition to Powell Jobs' Emerson Collective, which invested in the company's early days, participants in the round include Ford Foundation, W.K. Kellogg Foundation and the Libra Foundation. Macro's existing investors also include MNM Creative, MediaLink and a roster of angel investors. Macro previously raised an undisclosed eight-figure round. Concurrent to this latest transaction, Macro has closed a credit facility with Bank of America Merrill Lynch.
"With Macro going into its third year, we have seen the initial seeds we planted come to fruition both commercially and critically," said King, who serves as Macro's CEO. "Our success is proof that our slate is striking a chord with audiences globally. This round of financing provides the capital necessary to build a robust slate of content that authentically represents the multi-faceted spectrum of our communities."
Macro's first feature for a major studio was Fences, directed by and starring Denzel Washington, which was distributed by Paramount last year and received four Oscar nominations. Macro is also prepping for the November release of Mudbound, which stars Carey Mulligan, Jason Clarke, Jason Mitchell and Mary J. Blige. Macro has also co-financed Roman J. Israel, Esq. from Dan Gilroy, starring Washington and Colin Farrell. It also has projects in development with Ryan Coogler, Ava DuVernay, Michael B. Jordan, Eva Longoria and Justin Simien.
"In supporting Charles and his extraordinary vision, I am thrilled to see the success Macro has generated in such a short period of time, and the rich, diverse, high-quality content Macro is bringing to our culture," said Powell Jobs. "More than ever, it is vitally important that the content we consume reflects the complex diversity of who we are, inspires us to better understand experiences and perspectives different than our own, and brings forth talent, voices and stories that have been silent and unheard for too long."