Major corporations are reducing their support for New York City Pride events.

According to a Wall Street Journal report, companies are reassessing their LGBTQ sponsorships under mounting political pressure and economic concerns.

BTQ leaders have confirmed that the simultaneous withdrawal of several corporate sponsors this year is unprecedented.

Mastercard, the financial services giant, has confirmed it will not renew its platinum-level sponsorship of the city’s annual LGBTQ march. It did say however that decide the cutback it will still participate in the June parade and other events.

RT reports: PepsiCo, Nissan, Citi, and PricewaterhouseCoopers have also opted not to renew their corporate sponsorships this year, according to the outlet. However, many companies are not withdrawing entirely, the article adds, with some maintaining a paid presence through branded booths or supporting smaller Pride events.

Nissan’s move was part of a broader review of marketing and sales spending, a company spokesman told the WSJ. Other Pride events such as those in St. Louis and San Francisco are reportedly losing key sponsors like alcoholic beverage companies Anheuser-Busch InBev and Diageo, though the latter will continue sponsorships through its Smirnoff brand.

Eve Keller, co-president of the United States Association of Prides, attributed the pullback to “multilayered” factors including political pressure on diversity, equity, and inclusion (DEI) initiatives and economic uncertainty driven by recent tariff announcements by US President Donald Trump. Keller told the Journal that fear of political backlash has even led some companies to request removal of their logos from official Pride materials.

Changes to NYC Pride’s sponsor packages, which no longer include access to certain marketing events, also contributed to some companies’ decisions not to renew, sources familiar with the matter told the newspaper.

A recent survey by Gravity Research found that nearly 40% of executives plan to reduce their Pride-related activities this year, up sharply from 9% last year. Concerns about potential DEI investigations by the federal government have been cited as the primary reason for the cancellations, followed by potential backlash from conservative activists and consumers, according to the survey.