Black media mogul Byron Allen sues McDonald’s for a whopping $10 billion, arguing it cuts out African American-owned business [Fortune]
McDonald's Corporation (MCD)
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Source: Fortune
Mcdonald’s is facing a massive lawsuit following an accusation by media mogul Byron Allen that they are purposely excluding black-owned media in their advertising campaigns. Allen, owner of Allen Media Group, is suing the fast-food chain for $10 billion, and has said they have refused to advertise on his networks Entertainment Studios Networks and Weather Group, which include the Weather Channel and Comedy.TV. While McDonald’s has an annual advertising budget of $1.6 billion, Allen claimed that the company only spends $5 million of that total on African-American media. He also said that McDonald’s had created an “African-American tier” with a smaller budget—a tier in which he believes his TV networks have been categorized. “This is about economic inclusion of African American-owned businesses in the U.S. economy,” Allen said in a press release last week. “McDonald’s takes billions from African American consumers and gives almost nothing back. The biggest trade deficit in America i
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MCD
Earnings
- 2/5/24 - Beat
MCD
Sec Filings
- 4/23/24 - Form 144
- 4/23/24 - Form 4
- 4/18/24 - Form PX14A6G
- MCD's page on the SEC website