Editor | Peter Bowen
Kim Masters on Slashing Hollywood Salaries
Posted April 06, 2009
At The Daily Beast, Kim Masters weighs in on how the recession--or, if you will, new Depression--is effecting the economy of Hollywood. One effect is a possible downgrading of star salaries. Masters writes:
After years of impotent promises to choke off rich deals with talent, the studios are finally making it happen. They’re hammering on star salaries and perks like private jets, too. “They’ve wanted to go in this direction for a long time and the global financial crisis has given them the lever to do it,” says one veteran talent representative. These changes may cheer up ordinary citizens who can’t understand why a star ever got millions to be in a movie in the first place. But the fact that the studios are finally laying down the law also illustrates the strains they are under as they try to crank out expensive popular entertainment when the model is collapsing.