Weintraub Entertainment Group
| Company type | Private corporation |
|---|---|
| Industry | Motion picture |
| Founded | July 1, 1986 |
| Founder | Jerry Weintraub |
| Defunct | September 30, 1990 |
| Fate | Bankruptcy |
| Successors | Company: Columbia Pictures Library: Sony Pictures (through Columbia Pictures) Paramount Pictures (through Melange Pictures) (television and online streaming rights) StudioCanal (through Lumiere Pictures and Television) (Thorn EMI Screen Entertainment library only) |
Key people | Jerry Weintraub, Chair/CEO Kenneth Kleinberg, president/COO[1] Andrew Susskind, TV president[2] |
| Products | films |
| Services | distribution |
| Owner | The Coca-Cola Company US Tobacco Company[3] Columbia Pictures (15%; 1987–1989) Warner Bros. (15%; 1989–1990)[4] |
Weintraub Entertainment Group (WEG) was a film production company considered to be a mini-major studio founded by Jerry Weintraub.[1]
History
Weintraub Entertainment Group was formed on July 1, 1986 by
In March 1987, WEG signed its first production and distribution deal, a three-year agreement with Robert Stigwood's RSO Films for multiple films budgeted in the $12-million to $15-million range.[5] With Stigwood's partnership, WEG was to finance a film version of Evita with Oliver Stone as writer/director and Meryl Streep as Eva Perón. However, the studio dropped the project.[6]
WEG purchased from
In January 1988, Barney Rosenzweig was hired as chairman of the television unit, corporate vice president and a member of the executive committee.[9] In July, the Bank of America terminated its credit line with Weintraub after difficulties in syndicating parts of the loan to other banks due to the Thorn-EMI loan.[1] The Group's first release was The Big Blue in August; it grossed $1.6 million the opening weekend.[10]
In January 1989, Usher left his position as President of the Weintraub International Enterprises.
In 1989, as a result of Sony/Columbia hiring Peter Guber and Jon Peters away from Warner Bros., Sony/Columbia traded its 15% share in WEG.[4]
In September 1990, WEG filed for Chapter 11 bankruptcy. Later that month, Jerry Weintraub left the company and forged a deal with Warner Bros., while Columbia still remained indebted to releasing WEG films.[12]
Film Asset Holding Co., a company formed by WEG's two primary bank creditors, sued Weintraub over his structuring of a sale of the Peter Pan story to Sony Pictures Entertainment in the fall of 1990. Weintraub and Film Assets settled in January 1992.[13]
In August 1998, a jury verdict for $7 million was lost by Bear Stearns Cos. to investors who had been misled by the brokerage's $83 million bond issue prospectus for the now-bankrupt Weintraub Entertainment Group.[14]
Production/release library
- The Big Blue (1988): distribution rights, $3 million
- Fresh Horses (1988): first original production, grossed only $7 million
- My Stepmother Is an Alien (1988): $26 million budget, grossed $13.8 million
- The Karen Carpenter Story (1989): a TV movie release on CBS[1]
- Listen to Me (1989)
- She's Out of Control (1989)
- Troop Beverly Hills (1989)
- The Gods Must Be Crazy II (1989)
After the company shut down its assets were reorganized into the WEG Acquisition Corp, and are currently held by
References
- ^ a b c d e f g h Cieply, Michael (January 11, 1989). "Weintraub's Worries : Box-Office Flops Add to Woes of Flashy 'Mini-Major'". Los Angeles Times. Retrieved 2 July 2012.
- ^ "People: Los Angeles County". Los Angeles Times. March 22, 1987. Retrieved 2 July 2012.
- ^ a b c "Cannon sells its Film Library". New Straits Times. Reuter. April 5, 1987. Retrieved 7 July 2013.
- ^ ISBN 9780813132785.
- ^ "Weintraub Entertainment and RSO reached a pact". Los Angeles Times. March 27, 1987. Retrieved 2 July 2012.
- ^ Greeberg, James (19 November 1989). "Is It Time Now to Cry for 'Evita'?". The New York Times.
- ^ Knoedelseder Jr., William K. (August 7, 1987). "Cannon Group Loses $9.9 Million in Quarter". Los Angeles Times. Retrieved 2 July 2012.
- ^ "Usher Named Division Head at Weintraub". Los Angeles Times. July 12, 1987. Retrieved 2 July 2012.
- ^ Delugach, Al (February 1, 1988). "Weintraub Taps Rosenzweig as TV Unit Chief". Los Angeles Times. Retrieved 2 July 2012.
- ^ Voland, John (August 23, 1988). "WEEKEND BOX OFFICE : Freddy Shreds the Movie Competition". Los Angeles Times. Retrieved 2 July 2012.
- ^ "Harry Usher Joins Executive Search Firm". Los Angeles Times. ASSOCIATED PRESS. January 7, 1989. Retrieved 2 July 2012.
- ^ Cieply, Michael (September 14, 1990). "Weintraub Is Expected to File Chapter 11 : Entertainment: The film firm seeks to cut off bondholders' action". Los Angeles Times. Retrieved 7 July 2013.
- ^ Citron, Alan (January 18, 1992). "Creditors Agree With Weintraub to Settle Lawsuit : * Film: Two banks had accused the producer of taking an unwarranted $748,000 in developing 'Hook". latimes.com. Retrieved 7 July 2013.
- ^ "Bear Stearns Misled Its Investors, Jury Finds". Los Angeles Times. Bloomberg News. August 25, 1998. Retrieved 2 July 2012.
