Miramax Lays Off 20 More Employees
The film studio axed roughly 20 back in May.
Miramax, the independent film studio started by Bob and Harvey Weinstein, has continued with layoffs, letting go of 20 more employees, The Hollywood Reporter has confirmed.
The most recent layoffs follow a series of firings that occurred in May, when Miramax cut 20 or more employees across divisions.
After the first round of layoffs, recently instated CEO Bill Block said in a statement: "After careful consideration and consultation with the board, I have decided to reorganize the team at Miramax. This reorganization will allow me to lead a streamlined Miramax to grow in film, television and the licensing of our impressive library."
The recent layoffs at the Santa Monica-based studio is meant to be part of that "reorganization," with the majority of the layoffs coming from the support staff.
Founded by the Weinsteins in 1979, Miramax is responsible for hits like Pulp Fiction, Shakespeare in Love and Chicago. It was purchased in 1993 by Disney, the Weinsteins left in 2005 and Disney sold to Miramax to a group of private investors. In 2016, beIN Media Group acquired Miramax, which now has a library of more than 700 titles from the late 1980s to the present. In April, Block, the founder and CEO of production company QED, was named CEO of Miramax.
The studio's most recently release was Bad Santa 2 in 2016, which grossed $17.7 million at the box office.