Weinstein Co. in Trouble, Despite Success of Basterds
Company needs more hits to pull itself out of debt
By Kevin Spak, Newser User
Posted Sep 25, 2009 11:15 AM CDT
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)

(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.

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Showing 3 of 4 comments
RockyPneumonia
Sep 27, 2009 3:14 AM CDT
...And, in the case of the banking system, without a bailout, if they make a bad choice, WE pay the consequences as the entire financial system falls apart. that's OK, though, because the important thing is for conservatives to remain ideologically pure.
alkaseltzersammich
Sep 25, 2009 6:49 AM CDT
I was clearly joking.
youngblood
Sep 25, 2009 4:42 AM CDT
you are so right Nntd. I would rather have them have a bailout, at least we get entertainment then say the Banks who got a bailout and did nothing to pass it on to the consumer, oh I'm sorry, that's right, the banks raised the interest rates on our credit cards!