Weinstein Co. Planning Layoffs
The layoffs come on the heels of several executive departures during the past year.
The Weinstein Co. will undergo a round of layoffs this week, The Hollywood Reporter has confirmed.
Between 40 and 50 staffers, mostly in the company's film division, will be affected. News of the layoffs caught staffers inside TWC by surprise on Sunday, according to sources. After the layoffs, the company will have about 200 employees.
"This is about looking ahead to how do we grow the business," COO David Glasser told Variety, which first reported the pending layoffs.
Bob and Harvey Weinstein's company has been going through a tumultuous time with several high-level executives — including Radius co-chiefs Tom Quinn and Jason Janego, former marketing head Stephen Bruno, and TV president Meryl Poster — leaving in the past year. Julie Rapaport, a senior vp production, also exited for a new post at Amazon Studios.
Glasser was on the verge of leaving The Weinstein Co. this summer. But in September, he set a new deal that will keep him serving as president and COO of the company through 2018.
While the company has not brought in new executive talent to fill those posts, it did promote several staffers in recent months.
The latest shake-up comes as TWC prepares to release awards contenders Carol, from director Todd Haynes, and Quentin Tarantino’s The Hateful Eight. Tarantino has become mired in his own controversy because of his anti-police comments, putting Hateful Eight in the hot seat. Harvey Weinstein in particular has plenty riding on Hateful Eight after a tough year at the box office. Most recently, John Wells’ cooking dramedy Burnt, starring Bradley Cooper, failed to deliver.
Carol opens in select theaters Nov. 20, while Hateful Eight will debut in roughly 100 theaters Christmas Day in an exclusive 70mm run before expanding nationwide in January. The Weinstein Co.'s future releases include The Founder, starring Michael Keaton as Ray Kroc, who built up the McDonald's empire.