The layoffs hitting Global Road Entertainment’s mini-film studio earlier this week total about 45, insiders tell The Hollywood Reporter.
Of those shown the door, 40 worked in the company’s Los Angeles office, while five worked in London.
Global Road’s film operation was thrown into chaos after owner and U.S.-China broker Donald Tang of Tang Media Partners was unable to raise $200 million in financing. Tang had grand ambitions when launching Global Road in October 2017 and hiring veteran Hollywood studio executive Rob Friedman to run the independent studio.
Last week, banks took control of the movie unit. Layoffs quickly followed, and Chapter 11 bankruptcy could be next.
While the lenders insisted on no severance for those being let go, Global Road has arranged two months of COBRA (health insurance).
A total 144 people worked at Global Road and Tang Media Partners prior to the layoffs, with about 60 assigned to the film division (there is no specific breakdown for Global Road). The company’s TV and international sales operation are said to be in OK standing, since they generate revenue.
Friedman remains in the CEO seat.