With Hollywood strapped for cash, Saudi Arabia is re-emerging as a key financial backer

Hollywood is feeling the lure of Saudi Arabian money.

The stars are taking it, with many set to receive checks for attending this week’s Red Sea Film Festival. Studios are interested in it, with their executives traveling to the kingdom to meet about potential deals. And at the highest levels, Saudi money could end up helping to finance a massive media merger.

For the entertainment industry, Saudi financing has become more appealing as other sources of money have dried up in the aftermath of the 2020 Covid pandemic, the 2023 dual actors’ and writers’ strikes, and shifting audience habits away from film and TV to social media.

“Money is good, that’s Hollywood’s perspective,” said entertainment attorney Schuylar (Sky) Moore at Greenberg Glusker. “For the Saudis, it’s all about building th