Miramax Lays Off at Least 20 Employees
"This reorganization will allow me to lead a streamlined Miramax to grow in film, television and the licensing of our impressive library," says CEO Bill Block.
Miramax, the independent film studio founded by Harvey Weinstein, is in the middle of a series of layoffs, The Hollywood Reporter has confirmed. At least 20 on the studio's roster are being let go.
Of the 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."
In 2016, beIN Media Group acquired Miramax, which 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 the CEO.
When Block was brought on, Nasser Al-Khelaifi, chairman of beIN, outlined hopes that the studio would begin production on projects in both film and television, breaking out of their current incarnation as a lucrative library. He said: "Miramax is committed to expand production and acquisitions in film and television and Bill’s strong leadership will surely lead Miramax successfully into the future, and we are thrilled to have him on board."
The company is backing the Johnny Depp-starring police drama LAbyrinth, which it will co-finance with Open Road. It also acquired U.S. distribution rights to the Tonya Harding biopic I, Tonya, starring Margot Robbie.