×
You will be redirected back to your article in seconds

Prospect Park CEO Jeff Kwatinetz Sues Company and Investment Firm ABRY Partners

Prospect Park chief Jeff Kwatinetz is suing the production company he co-founded as well as investor ABRY Partners, seeking to have a non-compete clause in his contract ruled invalid.

Kwatiznetz formed Prospect Park in 2008 with former Walt Disney Studios president Rich Frank. In December 2012, three funds controlled by private-equity firm ABRY invested in the company, as part of Prospect Park’s efforts to resurrect ABC soaps “All My Children” and “One Life to Live” as online series.

Kwatinetz claims his new employment contract under the terms of the ABRY investments included an “unenforceable non-competition and non-solicitation provision.” That lets Prospect Park force Kwatinetz to work for the company for at least five years — for no compensation — and stipulates a $5 million “damages penalty” if the executive violates the non-compete terms, according to the lawsuit.

SEE ALSO: ABC Accused of Scheming to Create ‘Mega-Soap’ in Lawsuit by Producer

It’s unclear whether Kwatinetz is seeking to exit Prospect Park or mainly looking for leverage in negotiations with ABRY through the lawsuit.

The suit is the latest legal drama for Prospect Park, which is seeking at least $95 million in damages from ABC. Prospect Park claims the Alphabet net breached the terms of its agreement for the rights to produce new episodes of “All My Children” and “One Life to Live” by killing off certain “OLTL” characters and conspiring to merge that show with ABC’s “General Hospital.” Prospect Park’s production of the soaps is suspended pending that lawsuit’s outcome.

Kwatinetz filed the lawsuit Nov. 21 in the Superior Court of California for the County of California. The suit was first reported by Deadline.com.

A rep for Prospect Park declined to comment. ABRY Partners did not respond to a request for comment.

More Biz

  • Nicholas Sparks

    Nicholas Sparks Apologizes, Explains Opposition to LGBT Club

    Romance writer Nicholas Sparks issued an apology on Monday for remarks he made in 2013 opposing the formation of an LGBT club at his Christian school. In an email published last week by the Daily Beast, Sparks faulted Saul Benjamin, who was then the headmaster of the Epiphany School of Global Studies, for pushing an [...]

  • Game of Thrones Season 8 Production

    'Game of Thrones,' Netflix VFX Among Those to Be Featured in SIGGRAPH Production Talks

    VFX pros behind the final season of “Game of Thrones,” the blockbuster film “Avengers: Endgame,” Pixar’s upcoming “Toy Story 4,” last year’s Oscar-winning “Spider-Man: Into the Spider-Verse,” Netflix series, including “Stranger Things,” and more will give SIGGRAPH 2019 attendees a behind-the-scenes look at their work during the conference’s Production Sessions. There will even be a [...]

  • welcome home Apple Ad

    Cannes Lions Takes Place in Time of Change for Ad World

    The ad industry gathers June 17-21 for its annual celebration of commercials, marketing and creativity, the Cannes Lions in the French Riviera. It does so against a backdrop of ongoing and profound upheaval within the world of advertising. The share prices of all the major ad groups, such as WPP, Publicis and Omnicom, are down [...]

  • R&B Singer Ann Marie Signs With

    R&B Singer Ann Marie Signs With Interscope Records (EXCLUSIVE)

    Chicago-based R&B singer-songwriter Ann Marie, known for her hit “Secret” with YK Osiris, has signed with Interscope Records, the company announced exclusively to Variety today. “Ann Marie is the prototype for today’s artist,” says Nicole Wyskoarko, the label’s EVP of urban operations. “She’s developed and cultivated a dedicated fan base using the tools of today [...]

  • Gay Chorus Deep South

    Branded Content Campaigns Help Ads Cut Through Clutter

    The business of advertising has changed from the days when an expensive 30-second spot was the be-all and end-all of a campaign, leading many commercials production companies and their directors to diversify. In an era of content overload, when it’s easier than ever for consumers to skip an ad or avoid it altogether, many advertisers [...]

  • Gloria Vanderbilt Dead at 95

    Gloria Vanderbilt Dies at 95

    Gloria Vanderbilt, a famous model and socialite who was often a subject of fascination in the worlds of fashion and media, has died at 95, according to a report on CNN, where her son, anchor Anderson Cooper, has worked for several years. From a young age, Vanderbilt led a tumultuous life, one marked by a [...]

  • Patrick Drahi

    Altice's Patrick Drahi to Acquire Sotheby's Auction House for $3.7 Billion

    Patrick Drahi, the owner of the telecom group Altice, is on track to purchase Sotheby’s, the high-profile auction house, for $3.7 billion. The acquisition would turn Sotheby’s into a privately owned concern after 31 years as a publicly listed company on the New York Stock Exchange. Drahi said the acquisition had “no capital link with Altice [...]

More From Our Brands

Access exclusive content