Miramax Fires Another 20 Employees

Miramax has laid off 20 more employees as part of ongoing cost-cutting efforts under CEO Bill Block, who joined the independent studio in April.

It’s the second round of dismissals at Miramax under Block. The studio fired 25 employees, comprising most of its TV production staff, in May.

Miramax was sold by its private equity owners last year to beIN Media Group, which owns 100% of the company. The company is a subsidiary of Qatar’s Al Jazeera.

Miramax, which is based in Santa Monica, Calif., has a library consisting of nearly 800 titles from the late 1980s to the present. Its recently-announced productions include the Johnny Depp police drama “Labyrinth,” which Miramax will co-finance with Open Road Films. It also acquired U.S. distribution rights to the Tonya Harding biopic “I, Tonya,” starring Margot Robbie.

Miramax was founded in 1979 by Bob and Harvey Weinstein. and sold to the Walt Disney Company in 1993 — by which time, it had transformed the independent film scene by producing such titles as “Sex, Lies, and Videotape” and “The Crying Game.” During its 17 years as a Disney label, Miramax’s titles included “Pulp Fiction,” “Shakespeare in Love,” and “Good Will Hunting.”

Miramax’s assets were acquired from Disney in 2010 by Filmyard Holdings, consisting of Colony Capital, Tutor-Saliba Corporation, and Qatar Investment Authority. CEO Stephen Schoch stepped down in December and was replaced by film finance veteran Block in April. The Los Angeles Times first reported the news about the layoffs.

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