Partnership targets black consumers

NEW YORK -- A new partnership between a Chicago entrepreneur and the country's 11th largest advertising firm is targeting the often- ignored $324 billion black consumer market.

Stedman Graham, a sports and entertainment marketer, is the majority shareholder in the joint venture with Bozell Worldwide, an agency with billings of $2.3 billion. The partnership, called Graham Gregory Bozell, is going after black consumers, which it says mainstream advertisers largely ignore.

"That market has been underserved and exploited," Graham said Monday as the company announced its projects, seven months after its formation. "This is a valuable marketplace. I recognize it." One project is a collaboration with the United Negro College Fund. Another is an Independence Day program emceed by Oprah Winfrey, Graham's fiancee, that will honor individuals who make a difference in the communities. A division of Sony Music has signed on, but for Graham, one of the most important aspects is having the new enterprise include other black businesses. Among them are Uniworld Group Inc., one of the largest black marketing firms, and CCI-The Heritage Collection, a manufacturer of cards, notes and posters using African themes. Graham said he wants to help the black community prosper and "the key for building value for people is to develop a strong economic base. If you want to help somebody, give somebody a job." The black consumer market has increased steadily to where a recent study suggests that black households not only outpace white households in spending on major items, but will be a viable economic force over the next decade. Bozell, based in New York, said it is the first time in decades that it has agreed to take a stake in a venture, instead of a fee for its work. "To be successful, you have to truly invest in the market, and demonstrate a genuine understanding and respect for the culture," said Alfred Schreiber, a senior partner at Bozell and an executive vice president in the new venture.

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