Financially troubled Team Entertainment is streamlining operations and reducing operating expenses under its new management.
Michael J. Solomon, the newly appointed chairman and CEO, and Jay Shapiro, the company’s new president and chief operating officer, have both agreed to enter into three-year employment agreements with Team and make personal investments in the company’s equity.
Drew Levin, the founder and chairman of the company, resigned at the request of the board earlier this year.
Among the moves made to put the indie TV producer-distribber back on track are the closure of the company’s offices in the U.K. and Germany and the pursuit of alliance opportunities in the American and European markets.
The company is also dealing with a writedown of $29 million, $5 million of which will be reflected in a restatement for 1999 and $24 million for 2000.
Solomon said that Team is going to be very conservative when it comes to undertaking new production projects and that “no project will be given a greenlight without first securing a domestic license.”