×

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

  • The Netflix logo is displayed at

    Netflix in Advanced Talks to Join Motion Picture Association of America

    WASHINGTON — Netflix is in advanced talks to join the Motion Picture Association of America, a move that would reflect its evolution as a major player in the movie business. The MPAA currently has six major studios as members, each paying annual dues between $15 million to $20 million per year. But it faces the [...]

  • Fate of 'Simpsons' Up in Air

    What Will Happen to 'The Simpsons’ as Disney Takes Over Fox?

    When “The Simpsons” ends its 30th and current season this spring, it will have racked up 663 original episodes — having a season ago passed “Gunsmoke” (635) as the longest-running scripted program in television history. But with the Walt Disney Co.’s acquisition of 21st Century Fox pending, one of TV’s least likely institutions could prove more [...]

  • Best Worst Performances Pink

    Pink, Muse, Chris Stapleton to Headline Citi Sound Vault During Grammy Week

    Pink, Muse and Chris Stapleton will headline Citi Sound Vault, the three-night live-music platform taking place at the Hollywood Palladium during Grammy week. Pink will kick off the Live Nation-produced series on Feb. 7, followed by Muse on Feb. 9 and Stapleton on Grammy night, the 10th. “This will be my first time performing at the [...]

  • China’s Maoyan Tweaks Terms for $350

    China’s Maoyan Tweaks Terms of $350 Million IPO

    Maoyan Entertainment, the Chinese ticketing giant, has updated the terms of its share offer in order to keep its IPO on course. It aims to raise up to $350 million of new cash by floating on the Hong Kong stock market. In a new draft prospectus published Tuesday, the company revealed that it had brought [...]

  • 76th ANNUAL GOLDEN GLOBE AWARDS --

    Tyler Perry: 6 Lessons He Shared at NATPE's 'Living the Dream' Summit

    MIAMI — Tyler Perry took time out of his “Madea’s Farewell” live stage tour and spent his Martin Luther King Jr. holiday giving an inspiring speech to aspiring producers and students gathered here for the annual NATPE convention. Perry was the keynoter Monday at the conference’s first ever “Living the Dream: A Career in Content” session [...]

  • FILE - In this Jan. 12,

    How to Watch the Patriots vs. Chiefs - AFC Championship

    The conference championships are set to take place Sunday, Jan. 20 ahead of Feb. 3’s Super Bowl LIII, with the top two teams in each the AFC and NFC conferences going head to head. The second game, the New England Patriots against the Kansas City Chiefs, is set to begin at 6:40 p.m. ET at [...]

  • The line of scrimmage between the

    How to Watch Rams vs. Saints Online - NFC Championship

    The conference championships are set to take place Sunday, Jan. 20 ahead of Feb. 3’s Super Bowl LIII, with the top two teams in each the AFC and NFC conferences going head to head. The first game, the Los Angeles Rams against the New Orleans Saints, is set to begin at 3:05 p.m. ET at [...]

More From Our Brands

Access exclusive content