The man is identified by the publication as investment banker James Montgomery, CEO of Montgomery & Company.
The footage — purportedly shot at a 2004 fundraiser for St. Matthew's Parish School, a private day school in Pacific Palisades, California — shows a white man dressed up in an African tribal outfit and black makeup. He carries a stuffed chimpanzee and wears a wig.
At one point in the video, Hanks jokes, "Ladies and gentlemen, a celebrity in our midst. Who would have thought that Bill O’Reilly would join us?”
Frey adds, “All I know is, this school is so conservative that Jamie Montgomery was almost not allowed in."
"Our policy is not to comment on past or current parents," Stuart Work, the head of St. Matthew's, told TheWrap.
The fundraiser was reportedly centered on a "Castaway" theme — a reference to the 2000 hit film starring Hanks.
The Daily Caller was co-founded by political analyst Tucker Carlson and launched in 2010.
Montgomery and a spokeswoman for Hanks did not immediately respond to requests for comment.