Silicon Valley Bank
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The dramatic failure of Silicon Valley Bank on Friday will have a ripple effect that impacts the entertainment industry.
According to multiple securities filings Friday, a number of companies with connections to the entertainment business had accounts at the bank. With the bank now in a receivership with the Federal Deposit Insurance Corp., any deposits above the $250,000 threshold that the FDIC insures are in jeopardy until the FDIC figures out how to distribute the bank’s assets.
That being said, so far none of the companies involved say that the failure of SVB should have a dramatic effect on their ability to operate.
Arguably the most impacted company so far is Roku, which said that it had $487 million at SVB, more than one fourth of its total cash holdings.
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