Weinstein Co. Will Have to Struggle to Survive

Weinstein Co. Will Have to Struggle to Survive

- in Business

LOS ANGELES — The Weinstein Company would struggle to move forward even if its only problem was the trail of ill will left by its founder, Harvey Weinstein, who was fired this week after multiple accusations of sexual harassment.

But the once-towering entertainment company has other huge challenges. Even before the scandal, it was viewed in Hollywood as short on financial firepower and clout, in an industry tilting toward new media competitors.

The company that gained renown and, occasionally, handsome financial returns with films like “Silver Linings Playbook,” “Inglourious Basterds” and “The Imitation Game” has not been a serious competitor at Sundance and other film festivals where it once bagged the most sought-after projects.

Founded by Weinstein and his brother Bob, the company in recent years has found more success in its television unit. But, even there, it has suffered. Its marquee series, “Marco Polo,” was promoted by Harvey Weinstein as “one of the most expensive shows ever done for pay TV,” only to be cancelled by Netflix after less than two years. And Netflix is known for how seldom it kills its original programs.

When the Weinsteins went hunting 19 months ago for a new infusion of cash by seeking a major new investor in its TV business, they couldn’t land a new partner. The industry viewed the TV operation — with an asking price reportedly as high as $900 million — as grossly overpriced.

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People close to the company said they believe that Bob Weinstein and David Glasser, the company’s chief operating officer, can find a way to stabilize the operation. Already on Tuesday, the company moved to take Harvey Weinstein’s name off its television programs. And there was talk that the company itself would move quickly to change it’s name.


Harvey Weinstein attends the Cannes Film Festival in 2015.