The Weinstein Company will lay off between 40 and 50 staffers next week, Variety has learned.
The staffing cuts will not impact the indie studio’s television unit. They will be solely focused on its film operations, and sources say no senior management will be pink slipped. Most of the cuts will involve junior staffers and a few mid-level executives.
The staff reductions will be across multiple divisions, including publicity, distribution and legal. Cuts will be made in the studio’s New York, Los Angeles and London offices. The company currently has roughly 215 employees.
Radius-TWC, the boutique label behind “The Hunting Ground” and “Citizenfour,” will also be impacted. Its founders, Tom Quinn and Jason Janego, left the company last summer to start their own independent label.
Reached for comment, Weinstein Company COO David Glasser confirmed that cuts will take place next week and said the purpose of the layoffs was to reduce the film division’s overhead to make the company more efficient. He cited upcoming releases such as Quentin Tarantino’s “The Hateful Eight,” Todd Haynes’ “Carol” and “The Founder” with Michael Keaton, as evidence that the studio is well positioned going forward.
“We have one of the best slates we’ve ever had, but this is about looking ahead to how do we grow the business,” said Glasser.
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This year has been a mixed bag at the box office. The studio scored with the Helen Mirren drama “Woman in Gold” and the family film “Paddington,” but it lost money on the Bradley Cooper dramedy “Burnt.”
The television business, which counts Netflix’s “Marco Polo” and the reality show “Mob Wives” among its programs, is seen as a more reliable source of revenue. A deal for British network ITV to acquire the television business collapsed last May, but insiders say there are two to three companies looking at buying a stake in the division.
Glasser nearly left the company last summer, and flirted with taking a position at DreamWorks Animation. However, he ultimately relented, signing a new deal that will keep him at the Weinstein Company through 2018.
“In coming back one of the key things for me was to focus on making this a tighter, smarter, nimbler company,” said Glasser. “We have an incredible group of people who work here, but it was very important to tighten up the team.”