Problem: When exporting or printing a MXD, inserted images appear black
After exporting or printing a map document that contains an inserted image, the image appears black in the output.
The picture is not being interpreted correctly by the printer driver or export driver. This issue seems to occur most often with images stored in a compressed image format.
Solution or Workaround
After inserting the picture, select the image, right-click and then select Properties. On the Picture tab, check the box 'Save Picture as Part of Document'. Try exporting the map again.
If the first option does not work, convert the inserted image into a different format (.bmp, uncompressed .tif, .gif) and insert the new picture. Check the 'Save Picture as Part of Document' box as described above and export or print the document again.
When working with logo images, a better solution may be to not use an image format, but rather vector.
If the original artwork is available, try converting the art into a Windows metafile format (.EMF) from the original application that created the artwork or in another graphics application such as Adobe Illustrator, insert the EMF in ArcMap as a picture and then try printing or exporting again.