Cablevision chief and Madison Square Garden chairman James Dolan has resigned from the board of the Weinstein Company, Variety has confirmed. He will be replaced by hedge fund operator Marc Lasry, the co-founder of Avenue Capital Group.
Dolan was not only a board member, but is a close friend of both Bob and Harvey Weinstein.
A spokesman for Dolan said his exit was due to family and music commitments, as well as business dealings.
“The company is in good shape,” Dolan said in a statement. “Harvey and Bob remain close personal friends, and I will continue to be supportive in any way I can. I wish my fellow board members continued success.”
The Weinstein brothers released their own statement on the Dolan exit.
“Jim Dolan is one of my and Bob’s best friends,” Harvey Weinstein said in a statement. “His insight into business has led us to grow an unbelievably successful TV division. He was the biggest impetus, years ago, for us getting into TV in a big way — we owe him for that. I appreciate all that Jim has done for the company. Bob and I are both looking forward to Marc Lasry joining the board in Jim’s place. Marc’s a brilliant businessman whose interest in companies all over the world will provide our board with valuable insight. Marc’s successes into the world of business are legendary and we will certainly profit as a company from his knowledge.”
Dolan’s exit comes as the indie studio has suffered a series of box office flops and laid off staffers last year. At the time of the cutbacks, the company said it was going to release fewer films and focus more heavily on TV.
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Recent releases such as “Sing Street” and “Burnt” failed to interest moviegoers, although the company did find success with “Woman in Gold” and “Southpaw.” Coming up, the studio has the biopic “The Founder” with Michael Keaton, the historical drama “Tulip Fever” with Alicia Vikander and Dane DeHaan, and the awards hopeful “Lion” with Dev Patel.