The WSJ has an interesting piece about a Colorado couple who stepped up to the plate and put up $12 million of their personal money to finance the sleeper hit ‘Precious.’ What BOSSIP wants to know, is why can’t more Black millionaires step up, take some risks, and bring our diverse experiences to the screen?
The 36-year-old Ms. Siegel-Magness runs her own clothing company called So Low, which began with an underwear line for low-rise jeans. Her parents started the tea company Celestial Seasonings, where she worked growing up. Mr. Magness, 55, whose parents began the cable company Tele-Communications Inc. that later merged with AT&T, is a cattle rancher and oversees an investment group.
Their foray into film financing and producing wasn’t part of a carefully planned strategy. “When I began to get outside counseling from Hollywood about what we had done, people were mortified,” remembers Ms. Siegel-Magness. “They told us we should have instead invested in this or that fund to make 11 different movies, that we were crazy for financing an African-American movie about incest,” she says.
Hit up the Wallstreet Journal for the rest.
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