Harvey, Bob Weinstein Renew TWC Contracts

Bob & Harvey Weinstein
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With cash in its coffers from the $427 million worldwide gross of "The King's Speech" and a $50 million credit line with Goldman Sachs that is part of its financial restructuring, TWC is on the hunt for ways to monetize advance contracts for movie sales around the world more efficiently.

The brothers will continue to serve as co-chief executives of their eponymous film and TV company for at least the next three years, according to the New York Times.

Harvey and Bob Weinstein have renewed their contracts as co-chief executives of The Weinstein Company.

The brothers' contracts had been set to expire on Dec. 31, and they received extensions that will leave them in charge of their eponymous film and TV company for at least the next three years, The New York Times reported.

The renewal was complicated by president and COO David Glasser's decision to stay after tendering his resignation, The Times says, explaining that there was a board debate involving the Weinsteins' extension and Glasser's new contract.

Glasser's new deal, which he agreed to in early September a little after a month after he announced his exit, runs through 2018. Although Glasser ultimately stayed in the fold, a number of top executives have left The Weinstein Company over the past year, including Radius co-founders Tom Quinn and Jason Janego, who left to start their own unnamed distribution company with Alamo Drafthouse founder Tim League, which is set to release Michael Moore's Where to Invade Next starting with an Oscar-qualifying run in December. Others who have recently exited include svp production Julie Rapaport, who left for a new post at Amazon Studios, and TV president Meryl Poster and marketing head Stephen Bruno, who both left in 2014.

The Weinstein Company recently released John Wells' Burnt, starring Bradley Cooper. The company will next release Carol, starring Cate Blanchett and Rooney Mara, on Nov. 20. In December, the company will release an adaptation of Macbeth, starring Michael Fassbender and Marion Cotillard, and Quentin Tarantino's eagerly awaited The Hateful Eight.

On the TV side, The Weinstein Company is behind the long-running Project Runway, MTV's Scream and Netflix's Marco Polo. TWC is also a co-producer on a six-part War and Peace miniseries, which will air across A+E Networks' Lifetime, A&E and History channels next year. And although talks for ITV to buy its TV division fell apart, TWC is partnering with ITV on the 10-part series Mafiya, about Russian gangsters in Moscow in the 1990s.