As Weinstein Co. suffered mounting executive defections over the past year, including senior VP Julie Rapaport to Amazon Studios, it was a severe blow when top lieutenant David Glasser announced his departure July 30, followed by the respected Radius team of Tom Quinn and Jason Janego. Glasser was seen as a pivotal exec to running the company, which has been slow to pay its bills of late, leading to speculation about cash flow.
Relativity Media president Tucker Tooley reportedly was in talks to join TWC, which never came to fruition. After negotiations over the Labor Day weekend, Glasser changed his mind and has committed to a new deal to extend his seven-year run as chief operating officer and president. The timing was key: right before the Toronto Film Festival. (Glasser spoke to Variety here.)
“I couldn’t imagine continuing this journey without David. He knows the company has huge assets that if managed properly will generate long and powerful financial success,” stated co-chairman Harvey Weinstein. “This is starting to feel like Miramax 2.0 so I figure we should join the original Miramax and create the world’s most famous active movie company. With David back that could be a reality.”
The Weinsteins and Glasser have been pushing the TV division, including “Scream,” “Project Runway,” “Marco Polo,” and “Peaky Blinders.” On the theatrical side, TWC took “The Imitation Game” to the Oscars at some cost, and is now promoting modest hits “Woman in Gold,” “Paddington,” “Southpaw,” and the upcoming “Carol,” “Burnt,” “About Ray” and Quentin Tarantino’s 70 mm western “The Hateful Eight.” After playing Cannes, “Macbeth” starring Michael Fassbender and Marion Cotillard has been sidelined to Radius.
The company said that more key executives are extending their contracts.