Weinstein Co. undergoing layoffs

BY SAMANTHA COSTANZO
Posted on DEC 02, 2018

The layoffs include employees in the public relations, marketing, and distribution divisions of the company, according to an anonymous source.

The Weinstein Co. laid off more than 20 employees on Wednesday ahead of closing its $289 million bankruptcy sale to Lantern Capital,Variety reported.

The layoffs include employees in the public relations, marketing, and distribution divisions of the company, according to an anonymous source. Since Harvey Weinstein's record of sexual assault came to light, the company went from 140 employees to about 70, and the layoffs therefore represent nearly one third of its current workforce.
The remaining two-thirds of staff members will be offered jobs through Lantern Entertainment, while laid-off employees will be paid through Friday with no severance pay beyond that date.

Lantern Entertaiment co-presidents Andy Mitchell and Milos Brajovic said in a town hall meeting on June 1 that Weinstein Co. employees may be asked to reapply for their jobs, but did not indicate whether there would be layoffs.

Employees were reportedly concerned that Lantern would diminish the distribution branch of Weinstein Co. during the transition. Several distributors have expressed an interest in purchasing the company's finished films, according toDeadline.

A Delaware judge gave approval for the sale of Weinstein Co. to Lantern just hours before the layoffs were announced, overruling objections from Bradley Cooper, Quentin Tarantino, and other stars who requested that the sale be postponed until after they were able to resolve various contract disputes.

Industry veterans Steve Beeks, Lauren Zalaznick, and Alexa Platt have been selected by Lantern executives to advise the company during the transition process

 

 

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