Corporate sponsors are backing away from LGBTQ+ Pride organizations [CNBC]
Diageo plc (DEO)
US:NYSE Investor Relations:
diageo.com/en/investors
Company Research
Source: CNBC
Corporations mostly cite economic concerns for pulling back on sponsorships, but Pride groups also note they're seeing a hostile political climate for diversity, equity and inclusion initiatives. Some LGBTQ+ organizations are reconsidering their dependence on corporate dollars and pursuing alternative funding streams. Revelers attend the annual LGBTQ+ Capital Pride parade in Washington D.C., U.S., June 8, 2024. Companies that were once loud and proud in supporting LGBTQ+ community celebrations are pulling back. LGBTQ+ Pride festivals across the country have faced significant sponsorship challenges this year, with some losing corporate partners that . As a result, organizations say they've had to modify their programming, pivot to other funding sources and reconsider their dependencies on corporate dollars. Many companies have cited economic concerns as their impetus to delay or exit partnerships with Pride groups. But LGBTQ+ group leaders also noted an increasingly hostile
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