Prince Harry and Meghan Markle adjust their finances with reduced staff
Prince Harry and Meghan Markle are making significant changes in their staffing, driven by a strategic effort to control expenses amid challenging media ventures and ongoing tensions with the royal family.
The couple's evolving financial strategies include cost-cutting measures and potential changes to their Netflix deal, Page Six reported.
In a move to adjust finances, the Sussexes have recently ended their association with their communications team. This decision is viewed as part of broader measures aimed at reducing expenditures. Last month, they also parted ways with six additional employees, including two in-house representatives.
Personnel Changes Mark a New Approach
These staffing reductions add to the 25 team members that Harry and Meghan have either lost or let go since they stepped back from royal duties in 2020. Their departure from royal duties meant they needed to create their own financial strategies independent of royal coffers.
Central to the couple's financial planning is their significant Netflix deal, initially thought to be worth up to $100 million. As the renewal of this deal approaches, it is now believed that the real value might be closer to $20 million. A shift in Netflix's focus towards 'first look' deals rather than overall exclusive contracts could result in a renewal at a lower rate.
The Sussexes' decision to restructure aligns with an agency support model spearheaded by their chief communications officer, Meredith Maines. An industry expert highlighted that employing a PR firm is often more cost-efficient than retaining full-time staff.
Financial Context of the Sussexes' Lifestyle
The financial picture for Harry and Meghan is further shaped by various expenses, including travel and a substantial $2 million annual security bill. The couple resides in a $14.65 million home in the U.S., now estimated to be valued at $27 million. Records indicate a $9.5 million mortgage that they plan to repay by 2050.
Expenses extend to staffing costs across their personal office, the Archewell Foundation, production efforts, and their estate in Montecito, California. They also fund parts of their foreign tours to places like Nigeria and Colombia.
Key staff members, including Kyle Boulia, Charlie Gipson, Deesha Tank, and Lianne Cashin, have departed. Despite these changes, Meredith Maines, who came on board in February, stays on as the chief communications officer, bringing in Method Communications for auxiliary support.
Tensions and Controversies Surrounding the Couple
The couple's approach signifies a transition to specialist agency support for managing international media engagements. Reports have surfaced about staff dissatisfaction, with accusations of difficult behavior directed at Markle. Allegations of her bullying Buckingham Palace staff have also been noted.
In response to criticisms, Markle’s lawyer, Jenny Afia, clarified what constitutes bullying and stated that the Duchess denies engaging in such behavior. Despite these tensions, Harry expressed a desire for family reconciliation, noting, "There's no point in continuing to fight anymore. Life is precious."
This sentiment aligns with ongoing palace discussions about Harry's potential reintegration into family events. Meanwhile, Markle's launch of a rosé wine on what would have been Princess Diana’s 64th birthday drew varied reactions, with some royal insiders observing the timing as significant.
A source close to the royal household mentioned that this move was not lost on Prince William, linking it to the drink-driving tragedy that claimed his mother's life. Nonetheless, ongoing media interest suggests that the public remains deeply engaged with the lives of the Duke and Duchess.
Despite challenges, a TV producer predicted continued public interest in their ventures, suggesting, "I can see Meghan’s show coming back for a third season, easily." This prediction speaks to the fascination and polarizing responses that Harry and Meghan continue to evoke globally.