Welcome to Black Wealth Watch, where we round up the biggest stories in Black business and economic news each week. The wins, the setbacks, the deals getting done, and the conversations we should be having about money, power, and who actually gets a seat at the table.
This week brought major moves in Hollywood, new business ventures from some of our favorite celebs, and some hard (and sad) truths about where Black America stands economically. Here’s what you need to know.
Issa Rae and Paramount Make It Official
Issa Rae just signed a three-year first-look deal with Paramount, and hallelujah, because it’s about time we got some new projects from her (anyone else still experiencing Insecure withdrawals all these years later?). She’s been relatively quiet lately, and in true Capricorn fashion, even admitting that she was feeling “stagnant” in her career a few months back. Through this deal, her production company Hoorae will be developing both film and TV projects, which means we should actually be seeing her work on our screens again. After a decade with HBO and Warner Bros., she’s switching things up at Paramount, joining other big names like Will Smith and the Stranger Things creators who’ve recently signed there too.
Zoe Saldaña Keeps Making History and Still Gets Underpaid
The Big Zoe, not the little one! Zoe Saldaña is now the first actor to star in four films that each crossed $2 billion at the box office. Avatar, Avatar: The Way of Water, Avengers: Infinity War, Avengers: Endgame. Even despite four massive franchises, and billions of dollars in ticket sales, she’s talked openly about how she’s had to fight for pay that actually reflects what she brings in. The numbers don’t lie, but apparently Hollywood’s paychecks still do.
KD and Megan Thee Stallion Get Into the Restaurant Game
The restaurant industry just got a couple of new high-profile owners. Kevin Durant’s opening his first restaurant in Austin, and Megan Thee Stallion’s getting into the Popeyes franchise business. It’s no surprise for Durant who has been diversifying for a while now, with investments into tech, media and now food. Megan’s also jumping into franchising, which has worked out pretty well for other celebs who’ve done it (think about Shaq who is probably the biggest franchise owner of them all). Both moves will create generational wealth that will (hopefully) keep working long after the spotlight moves on. Smart.
will.i.am Wants to Teach Kids About Robots and AI
will.i.am knows where the future is headed, and he’s building programs to teach robotics and AI to kids in neighborhoods that don’t usually get access to that kind of training. The jobs of the future are going to require these skills, and if we’re not preparing our kids now, we’re setting them up to be left behind later.
Indiana’s Only Black University Is Closing
Martin University in Indianapolis is shutting down after almost 50 years. The school, which primarily served non-traditional students, such as working adults trying to get degrees while managing jobs and families, was Indiana’s only predominantly Black university. Financial struggles finally forced the closure, a story that’s become painfully familiar among smaller Black institutions nationwide. Now the students who were counting on Martin to finish their degrees have to start over somewhere else, if they can find a school that fits their lives the way Martin did.
Most Black Americans Don’t Feel Ready for Their Next Job
According to a recent LinkedIn survey, 75% of Black Americans say they’re not prepared for their next job search. And this number has nothing to do with resume writing or interview skills. The real issue is access to the networks that actually get people hired (for example, the college roommate working at your dream company, the family friend who can make an introduction or the internship you only heard about because someone in your circle passed it along). A lot of Black Americans don’t have those built-in advantages, and we’re trying to break into industries that have never made a real effort to recruit from our communities. You can be perfectly qualified on paper and still be starting ten steps behind everyone else, which is exactly what this survey is reflecting.