You are given a text that consists of multiple sentences. Your task is to perform abstractive summarization on this text. Use your understanding of the content to express the main ideas and crucial details in a shorter, coherent, and natural sounding text.

NEW YORK--(BUSINESS WIRE)--IPG Mediabrands and MAGNA today launched day one of a first-of-its-kind Equity Upfront, an annual weeklong event during the week of March 15th, to raise visibility for Black-owned and Black-targeted media businesses. Day one of the event features Upfront presentations by Black-owned media partners including Entertainment Studios The Grio, Essence Communications, Inc., Revolt and Urban One, as well as Black-targeted networks BET and OWN. Later in the week, the event will share presentations from more Black-owned media partners including Blavity, Black Enterprise, Ebony & Jet, Mirror Digital, National Association of Black Owned Broadcasters (NABOB), American Urban Radio Networks, Central City Productions TV, NuTime Media, The Source and ReachTV. Led by Mediabrands entity MAGNA, the leading global media investment and intelligence company, the first day of the Equity Upfront kicked off with an introduction from the MAGNA team highlighting insights on the Black audience and Black media consumption, followed by six scheduled Black-owned and Black-targeted media partner presentations. The rest of the week will feature additional media partner presentations. The goal of these presentations is twofold: giving the partners the opportunity and access to Mediabrands clients and learning about how to market to them. For clients, it provides the opportunity to understand the importance of Black audiences and why they should target them in their media investment strategies. MAGNA plans to host subsequent monthly Equity experiences focusing on specific media channels and has already earmarked April to focus on Black audio and podcast media properties. The Equity Upfront will initially focus on partnerships with Black-owned and Black-targeted media businesses, with future efforts expanding to include other underrepresented media platforms including, but not limited to, the Latinx, Asian and LGBTQIA+ audiences. We are excited to host the kickoff of our Equity Upfront initiative by welcoming Black-owned and Black-targeted media partners to present to our clients, said Joy Profet, EVP, Head of Growth & Operations, MAGNA. This event is one tactic in a bigger strategy to build deeper partnerships with and access for platforms that create engaging and responsible content for valuable and influential Black audiences. We hope to add even more media partners as the Equity Upfront gains increased industry recognition. We must take accountable steps forward to address the inequities in how we invest, said Dani Benowitz, President, U.S., MAGNA. This is the start of MAGNA and Mediabrands work, focusing on giving access to media partners across BIPOC audiences and helping to gear investment strategies toward multicultural consumers. MAGNA intelligence was critical in revealing growing media consumption habits and the ever-increasing buying power of these important audiences. Its a logical step to educate our clients and agency partners so they can include them in this years media strategy. For more information please contact comms@mbww.com. ABOUT MEDIABRANDS: IPG Mediabrands is the media and marketing solutions division of Interpublic Group (NYSE: IPG). Mediabrands manages approximately $40 billion in marketing investment globally on behalf of its clients and provides strategic services and solutions across its award-winning, full-service agency networks UM and Initiative, and through its innovative marketing specialist companies Reprise, Magna, Orion, Rapport, Healix, Mediabrands Content Studio and the IPG Media Lab. Mediabrands clients include many of the worlds most recognizable and iconic brands from a broad portfolio of industry sectors. The company employs more than 13,000 marketing experts in more than 130 countries, representing the full diversity of humanity. For more information, please visit our website: www.ipgmediabrands.com and be sure to follow us on LinkedIn, Twitter or Instagram. ABOUT MAGNA: MAGNA is the leading global media investment and intelligence company. Our trusted insights, proprietary trials offerings, industry-leading negotiation and unparalleled consultative solutions deliver an actionable marketplace advantage for our clients and subscribers. We are a team of experts driven by results, integrity and inquisitiveness. We operate across five key competencies, supporting clients and cross-functional teams through partnership, education, accountability, connectivity and enablement. For more information, please visit our website: https://magnaglobal.com/ and follow us on LinkedIn and Twitter.

Answer: IPG Mediabrands MAGNA Unveils Day One of Its First-Ever Equity Upfront Launched on Monday March 15th, the weeklong event and subsequent monthly Equity experiences will raise visibility for nearly 100 Black-owned and Black-targeted media businesses