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Relativity president Tucker Tooley is in discussions with the The Weinstein Company to replace COO David Glasser, a source confirmed to The Hollywood Reporter.
Neither Relativity nor TWC would comment on the discussions, though a source close to Relativity said that Tooley is committed to staying with the embattled studio throughout its bankruptcy sale. Tuesday’s bankruptcy hearing cleared the way for an auction for Relativity Media to be held on Oct. 1.
It is unclear if TWC is in talks with other candidates for the position or if Tooley is the sole aspirant. Glasser, who announced he was exiting TWC last month, is said to be staying with TWC through November. However, sources say Glasser will have no role in the upcoming Toronto Film Festival — where TWC is typically an active player — and is no longer working in TWC’s Tribeca offices.
On Monday night, Relativity filed a motion asking the court to approve a key employee incentive program for five of its top executives including Tooley in an effort to keep its top executives from bolting to another studio and thus diminish the value of the studio.
Relativity is trying to stanch an executive exodus that could greatly diminish the value of the bankrupt company and losing Tooley — even after a sale — would be a major blow. According to court filings, Relativity has lost five employees since filing for Chapter 11, with another three scheduled to exit in the coming weeks. A hearing on the two motions is scheduled for Sept. 10, with objections due by Sept. 3.
Tooley joined Relativity in 2007 just as the company was making a splash as a major player in the studio slate financing space. But the company moved away from that business and became a sprawling enterprise with film, TV, fashion and sports divisions — the reality TV division an especially profitable undertaking. As president, Tooley oversaw day-to-day operations of the company’s various divisions, reporting to CEO Ryan Kavanaugh. Tooley continues to be a member of Relativity’s board.
But with more than $1 billion in debt, the studio filed for Chapter 11 on July 30.
Before Relativity, Tooley was CEO of Tooley Productions, where he independently produced such films as Shadowboxer and Felon.
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