×

Weinstein Co. Board Fires COO David Glasser for Cause

The board of the Weinstein Company voted on Friday to fire David Glasser, the company’s chief operating officer.

Glasser was set to become CEO of the company under a new ownership group. However, New York Attorney General Eric Schneiderman filed a suit on Sunday alleging that Glasser had failed to protect employees from Harvey Weinstein’s pattern of sexual harassment. In a press conference, Schneiderman made it clear that the sale would not have his blessing if Glasser were left in charge.

“The Board of The Weinstein Company has unanimously voted to terminate David Glasser for cause,” the company said in a statement on Friday evening.

The company did not give any further explanation.

A source familiar with the board’s thinking said the firing came in response to the attorney general’s lawsuit. The board members blamed Glasser for failing to keep them in the loop about the investigation, and felt that he was playing both sides and angling for the top job under the new owners. The board also fired the law firm that had been handling the investigation on the company’s behalf.

The company is running low on cash, and is thought to be desperate to keep the sale alive. Investor Ron Burkle is part of the bid group, which is formally led by Maria Contreras-Sweet, the former head of the Small Business Administration. Burkle is believed to be close to Glasser, so it is unclear whether the bid group would cut ties with him as well.

With the attorney general’s intervention earlier in the week, the deal is on life support. Without it, the company likely would have to declare bankruptcy.

Getting rid of Glasser could help resolve some of the attorney general’s concerns. However, Schneiderman has also raised a doubt as to whether the company will have sufficient funds to pay off victims of Weinstein’s harassment.

More Biz

  • Lionsgate CEO Jon Feltheimer

    Starz Nears Realignment: Why Lionsgate Won't Hire a CEO to Replace Chris Albrecht

    Nearly six months after Starz CEO Chris Albrecht exited in February, Lionsgate brass is moving closer to a revamp of the premium TV network’s executive structure. According to insiders, at least one thing is clear: Albrecht is not expected to be replaced as CEO. Instead, Lionsgate chief executive Jon Feltheimer is taking a more active [...]

  • Movie Ticket Subscriptions

    As MoviePass Fades, Theaters Fall In Love With Subscription Services

    MoviePass may be cratering, but movie theater subscriptions are here to stay. AMC and Cinemark already operate their own online ticketing services. And by the end of July, Regal Entertainment is expected to unveil a subscription plan for customers accustomed to getting all manner of entertainment for a monthly fee. With ticket sales down more [...]

  • John FordNPact Awards, Show, Los Angeles,

    John Ford to Exit as Head of Unscripted Producers Trade Association NPact

    John Ford has stepped down as general manager of NPact, the trade association that represents unscripted TV producers. Ford is exiting the post he’s held since 2015 because of the potential for conflicts of interest arising from his role as head of programming for digital multicast outlets Justice Network and Quest Network. The channels were [...]

  • Woodstock 50 Applies for Vernon Downs

    Woodstock 50 Applies for Vernon Downs Permit Yet Again

    For better or worse, Woodstock 50 isn’t giving up on Vernon Downs, despite being rejected twice already: The producers have applied for another permit to hold the festival at Vernon Downs, according to the Utica Observer Dispatch. Town Attorney Vincent Rossi confirmed the application was submitted Wednesday. This is the festival’s third application; previous applications [...]

  • Bert and Ernie

    Sally Field, Linda Ronstadt and 'Sesame Street' Among 2019 Kennedy Center Honorees

    Sally Field, Linda Ronstadt, “Sesame Street,” conductor Michael Tilson Thomas and R&B veterans Earth, Wind and Fire have been selected as the 2019 Kennedy Center Honorees. The kudos will be handed out Dec. 8 at the Kennedy Center Opera House in Washington, D.C. The award to “Sesame Street” marks the first time the prestigious laurel [...]

  • Jeffrey Epstein

    Jeffrey Epstein Denied Bail in Sex Trafficking Case

    Jeffrey Epstein, the high-living financier who partied and traveled with Hollywood stars and world leaders, has been denied bail. The multimillionaire businessman is accused of sexually abusing underage girls as young as 14 years old and collecting child pornography. Prosecutors argued successfully that Epstein’s wealth made him a serious flight risk. He faces up to [...]

  • AWAL Names Bianca Bhagat as Senior

    AWAL Names Bianca Bhagat as Senior VP, Synch & Brand Partnerships

    AWAL, Kobalt’s recorded music company, announced the hiring of Bianca Bhagat as senior vice president, synch & brand partnerships. Based in Los Angeles, she will oversee AWAL’s global synch & brand partnerships team, pursuing creative marketing opportunities for the AWAL roster, according to the announcement. Most recently with Glassnote, leading the Film and TV department [...]

More From Our Brands

Access exclusive content