Obsidianworks, a marketing and creative agency, has announced its return to full autonomy after reacquiring the minority equity stake that was previously held by Endeavor’s agency, 160over90, a collaboration initiated in 2021.
Co-founded by actor Michael B. Jordan and former Nike executive Chad Easterling, the firm emphasizes that this strategic decision aligns with its overarching aim to catalyze growth and concentrate on a demographic they describe as “New Money America.”
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Easterling, who functions as the company’s chief executive officer, clarified that this decision had been a premeditated aspect of their strategy rather than a consequence of any discord with their former partner.
“When we entered into this partnership, independence was always in our blueprint,” Easterling informed Ad Age. “Our collaboration was primarily aimed at establishing our fundamentals and organizational structure.”
The financial specifics pertaining to the buyback have not been revealed. However, when the investment was initially disclosed in 2021, estimates valued the transaction at approximately $20 million.
Obsidianworks was established in 2019 with the intent of redefining conventional agency frameworks. Easterling remarked that Jordan’s insights drawn from the entertainment realm and brand associations illuminated a void in how businesses engage with audiences.
“Mike observed an opportunity from his dual perspectives—as an actor collaborating with studios seeking consumer connection, and as a brand ambassador trying to resonate with audiences,” Easterling noted.
From the start, the founders aspired to build a business that could thrive independently of Jordan’s industry connections. “We aimed to avoid a scenario where he would need to open every door for us, feeling that kind of pressure,” Easterling explained.
The collaboration with 160over90 enabled the fledgling agency to scale with remarkable velocity. “This partnership endowed us with a structural foundation, allowing us to pursue multiple projects concurrently rather than being confined to one or two as a small outfit,” he remarked.
Among the initiatives launched during the alliance was the Legacy Classic, a nationally televised basketball showcase for Historically Black Colleges and Universities (HBCUs) in Newark, New Jersey.
With the buyback finalized, Easterling stated that Obsidianworks will intensify its focus on engaging “New Money America.”
He characterized this audience as essential to the growth trajectory of numerous brands that they may overlook. “This demographic is not niche; they represent a critical growth engine,” he asserted.
This group is typified by a younger, diverse, and entrepreneurial spirit that is in the process of redefining wealth and influence.
“Our focus extends beyond merely Black or multicultural consumers; we are addressing a comprehensive demographic that encompasses various backgrounds and nationalities,” Easterling articulated.
While frequently associated with multicultural marketing, Easterling emphasized that this label does not sufficiently encapsulate their mission.
“Although we possess strong multicultural credentials, we are not limited to being diversity consultants,” he asserted.
In fact, he prefers to describe the organization in broader terms. “I often say we are an agency—or even an enterprise. Essentially, we are builders, akin to a construction firm serving brands and New Money America,” he joked.
Currently, Obsidianworks collaborates with prominent brands including Nike, Converse, Jordan Brand, Meta, Target, and Spanx.
Employing roughly 20 individuals, the agency anticipates expanding its workforce by as many as a dozen personnel in the upcoming months.
Easterling indicated that operating independently will enable quicker decision-making. “The timing is opportune for us to accelerate our processes, embrace risks, and sculpt our growth trajectory unencumbered by external limitations,” he noted.
“Independence is a formidable asset; it empowers us to act swiftly and deliver tangible results for our clients without excessive layers.”
Source link: Finance.yahoo.com.
