Hollywood Cuts Hit Black Projects, Goldman-Backed Mogul Says
- Last hired are first fired as studios tighten budget belts
- King raised $90 million from Goldman, Blackrock, Emerson
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Hollywood budget cutting and dwindling support for inclusion and diversity initiatives are disproportionately affecting people of color who have long been underrepresented in the industry, according to the head of one of the largest media companies focused on Black entertainment and entertainers.
Job cuts have hammered the movie and television industry as consumers continue to shift their viewing habits from traditional TV and theaters to streaming services. It’s harder to get project financing, especially for up-and-coming talent, in an era of higher interest rates, shorter attention spans and algorithm-driven entertainment.