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Hello, communicators:

Coca-Cola has announced plans to nearly double its spending with Black, Hispanic and Asian-American and Pacific Islander (AAPI)-owned media companies over the next three years. The soda giant has set a benchmark goal for these media companies to account for 8% of Coca-Cola’s total annual media budget in North America by 2024. More immediately, Coca-Cola North America is taking immediate action to boost its 2021 spending with media companies owned by people from diverse backgrounds by 5 times its expenditure in 2020.

“Following a thorough analysis of our marketing spend, we recognized we could do more to support an equitable media landscape by creating growth opportunities for minority-owned and led outlets,” chief marketing officer of The Coca-Cola Company’s North America Operating Unit Melanie Boulden said in a press release. “We must take a leadership role, and that’s why we’re not only committing to increase our investment with minority-owned and led media companies, but also are focused on non-media partnerships and empowerment initiatives designed to foster growth and increase competitive advantage of minority businesses and communities.”