×

Weinstein Co. Lays Off More Than 20 Employees

The Weinstein Co. is laying off more than 20 employees on Wednesday, two days before it closes its $289 million bankruptcy sale to Lantern Capital.

The layoffs are in the areas of PR, marketing, and distribution, according to a source familiar with the situation. The company had been hemorrhaging employees since the Harvey Weinstein scandal broke last fall, and had dwindled from 140 staffers to less than 70 as of this week. The layoffs represent nearly a third of the remaining workforce.

Technically, the entire Weinstein Co. staff is being terminated. About two-thirds of the staff are being offered jobs with the new company, Lantern Entertainment. The employees who are leaving will be paid through Friday, with no severance beyond that.

Lantern Entertainment co-presidents Andy Mitchell and Milos Brajovic hinted that there would be attrition during a town hall meeting at the Weinstein Co. offices on June 1. At the meeting, Mitchell and Brajovic indicated that employees might have to reapply for their jobs. Employees were particularly concerned that Lantern would curtail the distribution business. The pair did not offer anything definitive at that point, saying the business plan was still a work in progress.

The layoffs come hours after a Delaware bankruptcy judge gave final approval to the sale. Judge Christopher Sontchi agreed to a $21 million reduction in the purchase price, overruling objections from Quentin Tarantino, Bradley Cooper, and other stars who argued the deal should not close until after their contract disputes were resolved.

On Tuesday, Lantern announced that it has selected three industry veterans — Steve Beeks, Lauren Zalaznick, and Alexa Platt — to serve as advisers on the turnaround.

More Biz

  • After Yet Another Rejection, What Could

    After Yet Another Rejection, What Could Be Next for Woodstock 50?

    In the wake of the Town of Vernon’s third rejection of Woodstock 50’s permit application to hold its music festival at a venue in the Upstate New York municipality, one may well wonder what the troubled event’s next move might be. In the hours after the latest rejection was announced, even the optimistic-bordering-on-unrealistic producers sounded [...]

  • US actor Kevin Spacey (C) is

    Kevin Spacey Sexual Assault Case Dropped in Nantucket

    Nantucket prosecutors have dropped a sexual assault case against actor Kevin Spacey, citing the “unavailability” of the complaining witness. Spacey had been accused of groping an 18-year-old busboy at the Club Car restaurant in July 2016. He was charged with indecent sexual assault, and a trial was set to be held in the fall. However, [...]

  • Plume of black smoke rising from

    Universal Music Updates Staff on Fire Damage in Internal Memo (Read)

    Ahead of an expected motion to dismiss the lawsuit filed last month by several artists over damage in the 2008 fire that destroyed hundreds of thousands of master recordings, according to the New York Times, the company’s chief archivist, Pat Kraus, issued a memo to the staff that has been obtained by Variety. While the [...]

  • CAA Signs Jay Shetty

    CAA Signs Jay Shetty

    CAA has signed award-winning host, storyteller, and viral content creator Jay Shetty for representation. Shetty’s videos have been viewed more than 4.5 billion times and he’s amassed more than 30 million followers across social media, becoming Facebook’s No. 1 creator on the platform with 24 million followers. After graduating university in the U.K., Shetty moved [...]

  • gordon-ramsay-masterclass-review

    Gordon Ramsay and Studio Ramsay Return to WME for Representation

    Superstar TV chef Gordon Ramsay has returned to WME for representation after eight years with CAA. WME will represent Ramsay and his production company, Studio Ramsay, in all areas. Ramsay is one of the most recognizable names in the culinary world after establishing himself as a TV star in the U.K. and U.S. Studio Ramsay [...]

  • Jim Gosnell

    APA Seeks to Move Assistant's Harassment Suit to Arbitration

    APA filed a motion Tuesday seeking to force an ex-assistant to arbitrate her claims of sexual harassment and verbal abuse. The motion, filed in L.A. Superior Court, accuses the former assistant of fabricating texts and emails in order to accuse the agency of fostering a “toxic, pervasive and sexually abusive environment.” The assistant, known in [...]

More From Our Brands

Access exclusive content