Weinstein Co. in Trouble, Despite Success of Basterds

Company needs more hits to pull itself out of debt

By Kevin Spak,  Newser Staff

Posted Sep 25, 2009 11:15 AM CDT

(Newser) Inglourious Basterds’ success has provided a stay of execution for Weinstein Co., but the firm needs several more blockbusters like it to stay afloat, sources tell the Wall Street Journal reports. The 4-year-old company hasn’t released as many films as it thought it would, but it’s burned through its $1.2 billion in startup funding.

Barring a stream of big hits, the firm will need to raise $50 million in financing, the sources say. The company says it has enough resources to meet its obligations and release its slate of upcoming films, which includes promising properties like an adaptation of Cormac McCarthy’s The Road and one of the Broadway hit Nine. But it’s already failed to pay back a $75 million bridge loan, and it’s cutting 30 of its 120 employees.

Ron Meyer, president and COO of Universal Studios, walks with Harvey Weinstein, right, to the annual Allen & Co.'s media conference Thursday, July 10, 2008, in Sun Valley, Idaho.   (AP Photo/Douglas C. Pizac)
In this film publicity image released by The Weinstein Co., Brad Pitt is shown in a scene from, "Inglourious Basterds."   (AP Photo/The Weinstein Co., Francois Duhamel)
In this film publicity image released by The Weinstein Co., Brad Pitt, right and Eli Roth are shown in a scene from, "Inglourious Basterds."   (AP Photo/The Weinstein Co., Francois Duhamel)
Harvey Weinstein, co-chairman of The Weinstein Company, talks on the phone at the annual Allen & Co.'s media summit in Sun Valley, Idaho, Thursday, July 9, 2009.   (AP Photo/Nati Harnik)
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