Globes Cancellation Costs LA Economy $75+ Million

Globes Cancellation Costs LA Economy $75+ Million

Sure, the NBC network is suffering from the strike-driven cancellation of the annual Golden Globes ceremonies this weekend - but the really big loser is the Los Angeles economy, which is bracing to take a $75 million-$100 million bath.

As of last night, all the major studios and celebrity magazines had put the kibosh on their star-studded after-party bashes at the Beverly Hilton - including HBO, Warner Bros./InTouch, Paramount/DreamWorks and NBC/Universal and the Weinstein Company. Hotel rooms and catering contracts were being cancelled, limousine services dismissed and restaurants bracing for countless empty tables.

"It's a major disaster and everybody is going to feel it," said one Hollywood insider. "Take limo services, for example. They routinely charge $1,000 or more for a day's service. There are hundreds and hundreds of cars that won't be going anywhere now."

Popular in the Community

Close

What's Hot