Weinstein Co Lays Off 20+ Staffers Ahead Of Lantern Sale; Finished Films Being Screened For Buyers

Deadline | 7/11/2018 | Patrick Hipes
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More than 20 staffers at The Weinstein Company were laid off Wednesday, the same day a U.S. Bankruptcy judge ruled on a final sale price for Lantern Capital to acquire Harvey Weinstein’s former film and TV company. Those laid off will be paid through Friday.

The layoffs came in the PR, marketing and mainly distribution, representing about a third of the remaining staff. This came after Lantern met with all the employees. Technically, everyone was terminated by TWC, but two-thirds of the staff is being rehired by Lantern and will remain in place. Such are the technicalities of Chapter 11 bankruptcy.

Profile - Creditors - Quentin - Tarantino - Meryl

As high profile creditors from Quentin Tarantino to Meryl Streep and George Clooney continue to make noise about getting paid for past work, there are many questions of exactly what the new company is going to be when Lantern takes possession. They start off with a library, a bunch of finished films that have been frozen in limbo, and development projects in film and TV. What Lantern does to mend fences with the stars and filmmakers and talent agencies in line to get paid will be important: the new company will need to be given a chance by those powerhouse agencies if there is to be any chance of turning things around.

Sources said that TWC has been screening for potential buyers all of its finished films. That includes The Current War, Mary Magdalene with Rooney Mara and Joaquin Phoenix, and The Upside, the remake of The Intouchables that stars Bryan Cranston and Kevin Hart. Sources said that several distributors liked some of the films, but not the initial ask for a deal to acquire the entire finished film slate instead of piecemeal titles. It will remain to be seen if anybody bites. Hotel Mumbai is also being screened for distributors, but...
(Excerpt) Read more at: Deadline
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