November 22, 2008
Weinstein Co. cuts 11 percent of staff
U.S. movie maker Weinstein Co. has confirmed it has cut 11 percent, or 24 employees, from its staff.
A company representative said 24 of the studio's 224 staff employees were informed Friday their services were no longer required and those dismissals occurred at four of the company's worldwide offices, The Hollywood Reporter said.The staff cuts came at Weinstein Co. sites in Los Angeles, New York, Britain and Hong Kong.
The employment move comes in the wake of the company severing its distribution ties with Metro-Goldwyn-Mayer Inc. The move also comes after Weinstein's most recent release,
Zack and Miri Make a Porno, did less than expected at the box office.
As an apparent reaction to such issues, the studio pushed back a number of its upcoming movies from 2008 release dates to next year, the Reporter said.
The entertainment publication said Weinstein Co. was formed in late 2005 through more than $1 billion in funds from investors such as the Goldman Sachs banking group.