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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
Weinstein Co. in Trouble, Despite Success of Basterds
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.

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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. (Read more The Weinstein Company stories.)

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