Weinstein Cuts Staff24 Nov, 2008 By: Erik Gruenwedel
Faced with an economic slump and underperforming release slate, The Weinstein Co. Nov. 21 reportedly let go 24 employees, representing 11% of its workforce.
Staff cuts were across the board at offices in Los Angeles, New York, London and Hong Kong.
The studio’s most recent theatrical film, Zack and Miri Make a Porno, from director Kevin Smith, has generated little more than $26 million at the box office since its Nov. 2 release. It cost more than $60 million to make and market, according to the trades.
The independent studio’s woes have had repercussions for its DVD distributor Genius Products, which has experienced revenue freefall, trimmed staff and its stock price reduced to pennies.