April 8, 2021

New York’s Massive Budget Channels Fresh Funds To Covid-Battered Arts And Entertainment

(deadline.com)

New York State’s just signed fiscal 2022 mega-budget includes a $1 billion package – a combination of grants and tax credits — for small businesses including arts, entertainment and restaurant to help speed economic recovery.

The Covid-19 Pandemic Small Business Recovery Grant Program steers $800 million in funding and $138 million in tax credits in part to for-profit arts and cultural institutions.

The New York City Musical and Theatrical Production Tax Credit expands to $100 million over two years to jumpstart the industry and support tourism in the city. For musical and theatrical productions outside NYC, the budget extends the tax credit for four years through 2025 and doubles it to $8 million.

By: Jill Goldsmith

Continue Reading at deadline.com

LL COOL J’S ROCK THE BELLS BRAND RAISES $8M IN SERIES A FUNDING

(hollywoodreporter.com)

LL Cool J is planning a significant expansion of his Rock The Bells direct-to-consumer business.

The actor and rapper has raised $8 million in a Series A funding round for Rock The Bells, led by Raine Ventures.

Other investors in the round include venture capital firm M13, Willoughby Capital Holdings (the family office of billionaire Daniel Och) and Yahoo! co-founder Jerry Yang. Rock The Bells’ current investors include Irving Azoff, Mark Cuban, Egon Durban and Henry Louis Gates Jr.

Rock The Bells is led by former BET executive James Cuthbert, who joined the company earlier this year.

Rock The Bells was founded in 2018 as a content and commerce brand dedicated to classic hip-hop (the name is based on LL Cool J’s third single off his debut album Radio, released in 1985).

With the new round the company plans to invest further in its direct-to-consumer business, particularly in the content, commerce, and experiences spaces. It will also build out is executive team alongside Cuthbert.

“This funding will help us accelerate our growth and team-building efforts to make sure we can further uplift the people and culture at the forefront of Hip-Hop through exciting e-commerce collaborations, storytelling, and experiences,” LL Cool J said in a statement announcing the funding round.

Alongside the funding round, the company said that Raine Ventures managing partner Gordon Rubenstein, LL COOL J Inc. COO Claudine Joseph, and Thai Randolph, president and COO of Kevin Hart’s Laugh Out Loud, will join its board.

By: Alex Weprin

Continue Reading at hollywoodreporter.com