David Glasser Inks Deal to Stay at The Weinstein Co.

Aaron Fallon

"I believe the coming years will be the most ambitious in TWC history," Glasser said in a statement announcing the stunning turn of events.

David Glasser isn't departing The Weinstein Co. after all, agreeing to a new deal that will keep him serving as president and COO of  Bob and Harvey Weinstein's company through 2018.

The stunning turn of events comes a little more than a month after Glasser announced he would depart TWC in November after his contract expires, joining an exodus of top executives leaving the film and television venture over the past year. In recent weeks, Glasser had been entertaining other offers, such as a potential post at DreamWorks Animation. But after lengthy negotiations that lasted throughout the Labor Day holiday, Glasser and the Weinsteins instead hammered a new three-year deal.

"I am thrilled to continue to make TWC my home," Glasser said in a statement issued by the company late Wednesday afternoon. "Bob and Harvey, as well as the employees of TWC, have been a big part of mine and my wife Michele’s lives. After a long weekend in conversations with everyone, we were able to partner on a plan that will keep me at the studio and continue to grow our business for years to come. I believe the coming years will be the most ambitious in TWC history."

Said Harvey Weinstein: "I couldn’t imagine continuing this journey without David. He knows the company has huge assets that if managed properly will generate long and powerful financial success. This is starting to feel like Miramax 2.0 so I figure we should join the original Miramax and create the world’s most famous active movie company. With David back that could be a reality.”

Bob Weinstein reiterated how much Glasser's return means. “I have always maintained David Glasser is one of the best COOs and partners my brother and I have ever had," he said. "Although many have tried to claim the title third brother, David is the only one that we would proudly bestow that moniker.”

Glasser's new deal is effective immediately, and he's likely to be on the ground at the Toronto Film Festival for TWC. The company is also readying for the release of About Ray (Sept. 18), Burnt (Oct. 23), Carol (Nov. 20) and Quentin Tarantino's Hateful Eight (Dec. 25).

Glasser's original intention to depart had triggered much speculation about who the Weinsteins might turn to to fill the role Glasser has been playing at the company. One executive who was reported to have been in the running for Glasser's job was Tucker Tooley, president of embattled Relativity Media.

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