Spyglass Media Group Closes Former Weinstein Co. NY Office, Lays Off 15
The newly formed company plans to consolidate its operations in Los Angeles.
The newly formed Spyglass Media Group has closed the New York offices that once belonged to The Weinstein Co. and laid off 15 of the employees that were part of Lantern Capital’s acquisition of the TWC assets, which it purchased for $289 million last year.
The layoffs were across all divisions of the company, a Spyglass spokesperson confirmed, though they are being characterized as a temporary head count reduction as the new company consolidates its operations in Los Angeles and positions itself for growth, which is expected to include new hires.
Earlier this month, former MGM head Gary Barber took control of the film and TV assets that Lantern bought in the TWC bankruptcy under a new partnership called Spyglass Media Group, in which Lantern Entertainment co-presidents Andy Mitchell and Milos Brajovic became majority investors, with Barber serving as chairman and CEO.
In addition to the 250 film titles that Lantern acquired, it also took over TWC’s existing offices in New York and Los Angeles, housing about 45 employees.
Spyglass Media decided to close the New York office and will be moving the L.A. office to new headquarters in Century City next month.