Broad Green has shuttered its production division and is laying off 15 staffers, a source close to the struggling indie company confirmed to Variety.
The staffing cuts come after the struggling indie player has suffered three years of nearly uninterrupted film flops. Launched with grand ambitions in 2014, the studio could never seem to find its footing, despite having the backing of Gabriel Hammond, a millionaire who made his fortune in mutual funds. The company scored a hit with 2015’s “A Walk in the Woods,” but nearly every other film it released was a dud. The list of misses includes “Bad Santa 2,” “The Infiltrator,” “99 Homes,” and “Wish Upon,” a recent horror film that failed to even recoup its budget.
Broad Green will now allow directors to set some 50 projects up at other studios that the company had in development. Since its inception, Broad Green’s identity has shifted. It started out partnering with auteurs such as Terrence Malick before moving toward more genre-driven fare, such as “Wish Upon,” in the hopes of finding commercial success.
Broad Green is the latest in a string of indie players to experience setbacks as the market for theatrical releases has constricted. Relativity Media plunged into bankruptcy in 2015, EuropaCorp was badly bruised by the failure of “Valerian and the City of a Thousand Planets,” and the Weinstein Company has become more focused on television.
Deadline first reported the news of the staffing cuts and the folding of the company’s production division. Broad Green declined to comment for this story.
The company will now reassess its options and will keep some 60 people on staff, according to the source. Broad Green will also retain its Los Angeles headquarters. It still has a handful of films left to release, including “Villa Capri,” an action-comedy with Morgan Freeman and Tommy Lee Jones, and “Step Sisters,” a dance comedy.