The Weinstein Company

The Weinstein Company, LLC
Private
Industry Film
Predecessor March 10, 1975 (1975-03-10)
Founded March 10, 2005 (2005-03-10)
Founder Bob Weinstein
Harvey Weinstein
Headquarters New York City, New York, United States
Products Motion Pictures
Number of employees
 200[1]
Divisions Dimension Films
Dimension Extreme
Dimension Television
Ovation TV (owned with Hubbard Media Group)
Dragon Dynasty (jointly owned by Gaiam Vivendi Entertainment)
TWC-Dimension
Radius-TWC
Kaleidoscope TWC
The Miriam Collection
Weinstein Books
Website www.weinsteinco.com

The Weinstein Company (usually credited or abbreviated as TWC) is an American mini-major film studio founded by Bob and Harvey Weinstein in 2005 after they left Miramax Films, which they had co-founded in 1979. They retained ownership of Dimension Films. TWC is one of the largest mini-major film studios in North America.[2]

History

Their first releases in 2005 included the dramatic thriller Derailed (starring Jennifer Aniston, Vincent Cassel and Clive Owen), the offbeat comedy-drama Transamerica (starring Felicity Huffman) the computer-animated family film Hoodwinked, the World War II–era comedy-drama Mrs Henderson Presents (starring Judi Dench and Bob Hoskins), and the caper comedy The Matador (starring Pierce Brosnan and Greg Kinnear).

In February 2006, TWC announced a distribution pact with Metro-Goldwyn-Mayer.[3] MGM distributed the product domestically in theatres, while TWC will retain long-term ownership of their product. On July 13, 2006, the Weinsteins and Robert L. Johnson announced the creation of a joint venture studio titled Our Stories Films, which will distribute African-American-oriented films.[4] In late August 2006, it was announced that TWC and co-investors Hubbard Media Group purchased Ovation TV, an arts-focused cable channel.[5] In November 2006, TWC announced a three-year deal with Blockbuster Video to give the video renting company exclusive rights for rentals starting on January 1, 2007.[6] However, under the First Sale Doctrine of United States copyright law, other rental companies are able to rent copies of the company's movies purchased at retail.

The company is the co-producer, along with Miramax, of the Lifetime reality series Project Runway, which for its first five seasons aired on Bravo. The series won a Peabody Award in 2007.[7]

On May 23, 2007, the Weinstein Company announced the launch of three new direct-to-video labels: The Miriam Collection, Kaleidoscope TWC, and Dimension Extreme.[8][9]

On February 8, 2008, TWC launched a distributor called Third Rail Releasing that released films aimed mainly at the home video market.[10] On September 25, 2008, TWC ended its three-year distribution pact with MGM three months before the December 31 end date. This happened in part because TWC had struck a television output deal with Showtime, though not through MGM's output deal with them. During the span of their pact, TWC paid for marketing and prints, while MGM received a distribution fee for booking theatres.[11]

In 2009, TWC might have lost the rights to the movie Sin City 2. The first film cost only 40 million dollars to make and brought in almost 159 million in box office alone.[12] Weinstein Company lawyer Bert Fields quickly denied this report saying "TWC's rights to produce sequels to Sin City remain intact as they always have been. Any suggestion to the contrary is complete hogwash."[13][14] In June 2009, the Weinstein Company announced the hiring of a financial adviser to restructure the finances of the company.[15] Since July 2009, many layoffs occurred at TWC, and the release dates of some films were pushed back.[16][17] On September 14, 2009, TWC sold its stake in Genius Products, which served as TWC's home video distributor from 2006 to 2009. Genius however, had announced to exit the home video distribution business and the DVD rights that were distributed by Genius were sold to Vivendi Entertainment. TWC also struck a deal with Vivendi.[18] The same year, it won a Peabody Award for The No.1 Ladies' Detective Agency.[19]

In January 2010, TWC announced more layoffs at the company after the box office failure of Nine.[20] On February 21, 2010, The Weinstein Company made a deal with Sony Pictures Home Entertainment releasing the DVDs through Sony Pictures Worldwide Acquisitions Group.[21] Bob and Harvey Weinstein attempted to buy back Miramax from Disney in 2010, but the attempt was unsuccessful.[22]

An ownership interest in TWC's library at that point, consisting of 200 titles, was sold off to Goldman Sachs and Assured Guaranty in 2010.[23] The sale freed TWC from bankruptcy. Goldman Sachs' stake in the library was purchased by AMC Networks in 2015. According to Deadline Hollywood: "The library will revert to the Weinstein Company itself when the remaining debt has been paid off by the films in question."[24]

On January 4, 2011, the Weinstein Company has agreed to acquire a 25% stake in Starz Media. Because of this, Starz Media subsidiary Anchor Bay Entertainment became the home video distributor for all TWC films.[25] On February 3, 2011, the Weinsteins extracted a $75 million consolation prize from their former parent company, Disney, thus improving their filmmaking career. As a result, Disney handed over its 50% stake in Project Runaway, and reduced its share in four jointly owned films, including Scary Movie and Spy Kids, from 50% to 5%.[26] On February 27, 2011, TWC's distributed film The King's Speech brought to the company their first Academy Award for Best Picture at the 83rd Annual Academy Awards, after their last Best Picture Oscar winner Chicago won in 2002 when Bob and Harvey Weinstein were at Miramax, controlled by then corporate owner Disney, and their previous Best Picture nominees for TWC were 2008's The Reader and 2009's Inglourious Basterds, the latter film a co-production with Universal Pictures and A Band Apart.[27] In March 2011, the company formed a video game division named TWC Games.[28] TWC Games formed a strategic consultancy with Beefy Media, a video game production company, to foster relationships with publishers and create high-quality games.[28]

On February 26, 2012, after TWC's purchase of the rights to release Michel Hazanavicius' The Artist in the United States, which won the prestigious Best Actor Award at the Cannes Film Festival for Jean Dujardin, The Artist won five Academy Awards, including Best Picture. This is the second consecutive Oscar for Best Picture awarded to the Weinstein Company. The last independent mini-major to win back-to-back Oscars for Best Picture was Orion Pictures for their films Dances with Wolves in 1990 and The Silence of the Lambs in 1991.

TWC distributes films on multiple formats (including video-on-demand) through its Radius-TWC brand.[29] In September 2013, Bob and Harvey Weinstein launched the TWC-Dimension label to distribute projects of mutual interest.[30]

On November 4, 2013, TWC announced they have picked up U.S. distribution rights to the British drama series Peaky Blinders from Endemol.[31]

In December 2013, Miramax and TWC entered a 20-year joint-venture agreement to develop and produce films, TV series, and stage shows. The deal will allow the Weinsteins to exploit the 700-film Miramax library. Sequels to Rounders and Shakespeare in Love are among the films being developed under this new deal, and series based on Good Will Hunting and Flirting with Disaster are being planned as well. Other developments include a Stephen Colbert-written film titled The Alibi, and an adaptation of Liz Jensen's novel The 9th Life of Louis Drax, that late filmmakers Anthony Minghella and Sydney Pollack intended to make. Miramax will put up the financing and handle international sales while The Weinstein Company will develop the projects and distribute the titles domestically.[32]

In May 2014, the company entered into a five-year multi-picture financing agreement with Worldview Entertainment.[33] However, Worldview financed only the period drama Tulip Fever due to financial difficulties as a result of the departure of CEO, Christopher Woodrow.

In April 2015, The Weinstein Company was closing in on a deal to sell its TV division to British network ITV for $950 million but the deal was grounded in May. That same year, the company announced that around 40-50 layoffs would occur due to the box office failure of the comedy-drama Burnt among other factors.[34] Shortly after, TWC announced they would no longer release the normal 18 films per year, instead the company will release 8-10 films per year, and will make fewer acquisitions at film festivals.[35]

In July 2015, TWC COO and president David Glasser briefly left the company amid a string of company exits,[36][37] but then in September, he rejoined the company and will stay as its COO and president until 2018. Harvey Weinstein has also openly expressed interest in reacquiring Miramax and merging the film and TV libraries of both companies when the latter went up for sale in July.[38][39][40][41][42][43] On February 2016, TWC decided to put its film library of 520 titles as well as a majority stake in its TV division up for sale,[44] and later signed investment banks Moelis & Co and Thomas Dey’s ACF Investment Bank to handle the TV sale (which was resumed nine months after the failed talks with ITV) by looking for strategic investors.[45] Meanwhile in March, Miramax has been acquired by BeIN Media Group, but in a later July interview however, Weinstein said that he's still interested in merging TWC with Miramax and combining the two companies' libraries in order to build a larger film library, even after the BeIN acquisition.[46][47] In June 2016, James L. Dolan exited TWC's board of directors and is replaced by hedge fund billionaire and Milwaukee Bucks co-owner Marc Lasry.[48][49] Later on August 1, Opus Bank's media and entertainment banking division funded a $400 million credit facility into TWC.[50][51]

RADiUS-TWC

The RADiUS-TWC film label is TWC's division for distribution of multi-platform Video-on-demand and theatrical productions. It was launched in 2012, and specialized in niche films rather than those aimed at mainstream audiences.[52][53] By 2015 Radius had released about 35 films,[54] including Bachelorette, Butter, 20 Feet From Stardom, Only God Forgives,[55] Lovelace, All The Boys Love Mandy Lane, Man of Tai Chi, Fed Up, Snowpiercer,[56] Citizenfour, Horns, The Last Five Years, and It Follows[57]

Weinstein Books

Originally launched as Miramax Books by Bob and Harvey Weinstein in 2001, the imprint was reborn in 2009 as Weinstein Books, a joint publishing venture between The Weinstein Company and The Perseus Book Group, publishing a range of general interest fiction, both literary and commercial, along with media-driven non-fiction and YA titles.[58][59]

Since 2012 Weinstein Books has been under the creative management of Publishing Director Georgina Levitt and Editorial Director Amanda Murray.[60] Publicity Director Kathleen Schmidt joined Weinstein Books in 2013.[61]

Weinstein Books works in collaboration with The Weinstein Company to create book tie-ins to films such as My Week With Marilyn, Bully By Lee Hirsch and Cynthia Lee and One Chance by Paul Potts.[59]

International distributors

Films

Highest-grossing films

Highest-grossing films
Rank Title Year Domestic gross Notes
1 Django Unchained 2012 $162,805,434 Jointly released with Columbia Pictures internationally.
2 The King's Speech 2010 $138,797,449
3 Silver Linings Playbook 2012 $132,092,958
4 Inglourious Basterds 2009 $120,540,719 Jointly released with Universal Pictures internationally.
5 The Butler 2013 $116,632,095
6 The Imitation Game 2014 $91,125,683
7 Scary Movie 4 2006 $90,710,620 Released under Dimension Films brand, jointly released with Buena Vista Pictures internationally.
8 Paddington 2015 $76,223,578 Produced in the United Kingdom by StudioCanal
9 1408 2007 $71,985,628 Released under Dimension Films brand, co-distributed by Metro-Goldwyn-Mayer.
10 Halloween 2007 $58,272,029 Released under Dimension Films brand, co-distributed by Metro-Goldwyn-Mayer.
11 China Girl 1987 $1,262,091 Released in September 25, 1987 (VHS) and October 31, 2005 (DVD.)

References

  1. ↑ Weinstein Co. lets go of 24, a November 21, 2008 article from The Hollywood Reporter
  2. ↑ "Distributor report cards". Film Journal. Retrieved 28 July 2014.
  3. ↑ "C21Media". C21Media. Retrieved June 17, 2015.
  4. ↑ "PRNewswire" The RLJ Companies Launches 'Our Stories Films' in Association With The Weinstein Company prnewswire.com, Retrieved on November 12, 2012
  5. ↑ "James, Meg (July 13, 2006). "Family, Weinstein Buy Arts Channel – Los Angeles Times". Los Angeles Times.
  6. ↑ How The Weinstein Company ruined Home Entertainment – /FILM
  7. ↑ 67th Annual Peabody Awards, May 2008.
  8. ↑ Dade Hayes "Variety" May 23, 2007 Weinsteins launch three new labels variety.com, Retrieved on September 7, 2013
  9. ↑ Genius Products
  10. ↑ "Bloody Disgusting" Weinstein Company Launches Third Rail Releasing bloody-disgusting.com, Retrieved on November 13, 2012
  11. ↑ Pamela McClintock. "Weinstein Co., MGM cut short deal". Variety. Retrieved June 17, 2015.
  12. ↑ "Sin City (2005)". Box Office Mojo. Retrieved March 16, 2011.
  13. ↑ "IESB Exclusive: The Weinstein Company Loses Rights to Sin City 2!". Retrieved June 17, 2015.
  14. ↑ 'Sin City 2' and Weinstein Co.: What's going on?
  15. ↑ Finke, Nikki (June 5, 2009). "The Weinstein Company To Restructure – Deadline.com". Deadlinehollywooddaily.com. Retrieved March 16, 2011.
  16. ↑ Finke, Nikki. "Unhappy 'Halloween': Weinstein Co Layoffs –". Deadline.com. Retrieved March 16, 2011.
  17. ↑ Finke, Nikki (September 25, 2009). "Tom Ortenberg Exits The Weinstein Co –". Deadline.com. Retrieved March 16, 2011.
  18. ↑ Chakradhar Adusumilli. "Weinstein terminates stake in Genius Products-paper", [Reuters uk.reuters.com], Sep 15, 2009.
  19. ↑ 69th Annual Peabody Awards, May 2010.
  20. ↑ Finke, Nikki (January 13, 2010). "Weinstein Co Suffers More Exits & Layoffs; Why 'Nine' Was Such A Financial Disaster –". Deadline.com. Retrieved March 16, 2011.
  21. ↑ Weinstein Company Seals Sony DVD Deal, deadline.com
  22. ↑ "Disney will not sell Miramax back to the Weinsteins | News Briefs | EW.com". News-briefs.ew.com. May 25, 2010. Retrieved March 16, 2011.
  23. ↑ "Goldman Gets Weinstein Film Library Stake | Los Angeles Business Journal". Labusinessjournal.com. June 24, 2010. Retrieved March 16, 2011.
  24. ↑ Ali Jaafar. "AMC Networks Acquires Goldman Sachs' Stake In Weinstein Company Library - Deadline". Deadline. Retrieved June 17, 2015.
  25. ↑ Weinsteins Buy 25% Stake In Starz Media, deadline.com
  26. ↑ Gatecrasher (February 3, 2011). "Harvey and Bob Weinstein extract $75 million consolation prize from Disney after company fallout". Daily News. New York. Retrieved March 16, 2011.
  27. ↑ "Winners for the 83rd Academy Awards | Academy of Motion Picture Arts & Sciences". Oscars.org. Retrieved March 16, 2011.
  28. 1 2 Dean Takahashi, VentureBeat. "The English Patient The Video Game Artsy Film Makers at The Weinstein Co Form Video Game Division". March 25, 2011.
  29. ↑ Mike Fleming Jr. "Radius-TWC Names Liza Burnett Fefferman To Run Publicity, Heath Shapiro Marketing/Distribution". Deadline. Retrieved June 17, 2015.
  30. ↑ Nancy Tartaglione. "Weinsteins Acquire 'Paddington' For New TWC-Dimension; Colin Firth & Nicole Kidman To Lead Cast Of CGI Live-Action Pic - Deadline". Deadline. Retrieved June 17, 2015.
  31. ↑ "Endemol" THE WEINSTEIN COMPANY ACQUIRES U.S. RIGHTS TO PEAKY BLINDERS endemol.com, Retrieved on November 12, 2013
  32. ↑ Mike Fleming Jr. "The Weinstein Company, Miramax Reunite In Production Deal - Deadline". Deadline. Retrieved June 17, 2015.
  33. ↑ Fleming, Mike, Jr. (May 7, 2014). "The Weinstein Company Makes 5-Year Co-Fi Deal With Worldview Entertainment". Deadline Hollywood. Retrieved May 7, 2014.
  34. ↑ The Deadline Team (November 15, 2015). "Weinstein Co. To Lay Off 40-50 Employees: Report". Deadline.com. Retrieved November 15, 2015.
  35. ↑ Jagernauth, Kevin (November 24, 2015). "The Weinstein Company To Acquire And Release Fewer Movies, Focus On TV". Indiewire.com. Retrieved November 24, 2015.
  36. ↑ http://www.indiewire.com/2015/07/fall-calendar-reveals-awards-itinerary-and-stealth-contenders-185711/
  37. ↑ Kilday, Gregg (11 August 2015). "Harvey Weinstein Addresses Executive Exits: Company Is in "Great Shape"". The Hollywood Reporter. Retrieved 23 August 2016.
  38. ↑ Fleming, Jr., Mike (9 September 2015). "David Glasser Staying As Weinstein Company COO/President". Deadline. Retrieved 23 August 2016.
  39. ↑ Faughnder, Ryan (9 September 2015). "David Glasser to stay with the Weinstein Co. through 2018". The LA Times. Retrieved 23 August 2016.
  40. ↑ McNary, Dave (9 September 2015). "David Glasser Reverses Course, Staying at the Weinstein Co.". Variety. Retrieved 23 August 2016.
  41. ↑ Lang, Brent (9 September 2015). "Interview: David Glasser on Why He Decided to Stay at the Weinstein Co.". Variety. Retrieved 23 August 2016.
  42. ↑ Siegel, Tatiana (30 September 2015). "Weinstein's 'Shanghai' Surprise: Movie Gets Release After Seven Years". The Hollywood Reporter. Retrieved 23 August 2016.
  43. ↑ Cieply, Michael (20 December 2015). "The Weinstein Brothers Have Oscar Gold. Now They Need Cash.". The New York Times. Retrieved 23 August 2016.
  44. ↑ Fleming, Jr., Mike (23 February 2016). "Weinstein Company To Deal Pic Library Or TV In 2016: Harvey Weinstein & David Glasser Q&A". Deadline. Retrieved 23 August 2016.
  45. ↑ Lieberman, David (13 May 2016). "The Weinstein Co Signs Up Bankers To Look For Strategic Investor In TV Unit". Deadline. Retrieved 23 August 2016.
  46. ↑ Cieply, Michael (2 March 2016). "Miramax Is Bought by the Qatari beIN Media Group". The New York Times. Retrieved 23 August 2016.
  47. ↑ Kilday, Gregg (21 July 2016). "Harvey Weinstein Explains Recent Movie Release Shifts, TV Growth and Oscar Prospects (Q&A)". The Hollywood Reporter. Retrieved 23 August 2016.
  48. ↑ "James Dolan Exits Weinstein Company Board". Deadline. 21 June 2016. Retrieved 23 August 2016.
  49. ↑ Siegel, Tatiana (21 June 2016). "Weinstein Board Shake-Up: James Dolan Resigns, Billionaire Marc Lasry Joins (Exclusive)". The Hollywood Reporter. Retrieved 23 August 2016.
  50. ↑ http://www.abladvisor.com/news/9938/opus-bank-participates-in-400mm-credit-facility-to-the-weinstein-company
  51. ↑ https://www.twst.com/update/opus-bank-opus-banks-media-and-entertainment-banking-division-provides-financing-solution-to-the-weinstein-company/
  52. ↑ Tom Quinn and Jason Janego Exit Radius-TWC (EXCLUSIVE)". Variety, By Ramin Setoodeh, Brent Lang August 5, 2015
  53. ↑ Anne Zeiser (19 June 2015). Transmedia Marketing: From Film and TV to Games and Digital Media. CRC Press. pp. 333–. ISBN 978-1-134-74622-4.
  54. ↑ "‘It Follows’ Expands as Radius-TWC Bets on Box Office Over VOD". The Wrap | By Todd Cunningham on March 19, 2015
  55. ↑ Jared Latore; Clint Worthington (January 2014). Alcohollywood - Our Year in Movies. Lulu.com. pp. 87–. ISBN 978-1-304-73128-9.
  56. ↑ "‘The Overnight’ Crosses $1 Million in Digital, On-Demand Revenue (EXCLUSIVE)". Variety, October 4, 2015 Brent Lang
  57. ↑ "‘It Follows’ on Track to Be Radius-TWC’s Highest-Grossing Release". Variety, March 29, 2015, Brent Lang
  58. ↑ "The Weinstein Company and the Perseus Books Group Join Forces in New Publishing Joint Venture for Weinstein Books" (PDF). PerseusBooksGroup.com. October 19, 2009. Retrieved January 6, 2016.
  59. 1 2 "About Us". WeinsteinBooks.com. Retrieved January 6, 2016.
  60. ↑ "Weinstein Books Rises, Again, With New Team". PublishersWeekly.com. Retrieved June 17, 2015.
  61. ↑ Boog, Jason (May 23, 2013). "Kathleen Schmidt Joins Weinstein Books as Director of Publicity". Adweek.com. Retrieved January 6, 2016.
  62. ↑ Nancy Tartaglione. "EOne & The Weinstein Co Renew Output Deal In Canada". Deadline. Retrieved June 17, 2015.
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