Relativity Media president Tucker Tooley is going to be pretty busy for the next few weeks as his company winds its way through a sale via the U.S. Bankruptcy Court in New York. But The Weinstein Company and Tooley are in talks for him to replace at least some of the duties of its soon-to-exit COO David Glasser, though there is a long way to go and nobody has signed anything yet.
“It is far, far from a done deal,” a source told Deadline today about rumors that Tooley would be joining TWC as a replacement for Glasser. According to another source close to the situation, Tooley is in “significant talks” with TWC to take over many of Glasser’s responsibilities, though it not yet clear whether Tooley would inherit the COO title if he were to make the move to TWC.
Relativity and TWC had no comment on the discussions, but it does seem likely that Tooley will stay at Relativity at least until the company’s auction takes place in mid-October. Glasser is still at Weinstein after Deadline scooped last month that he was in the process of leaving to wrap a seven-year run, but he has stepped down his job functions.
Sources also said that media reports earlier in the day “exaggerated” the state of the discussions.
Just two days ago, Relativity proposed in court filings a Key Employee Incentive Plan in an effort to keep execs in the fold during the company’s Chapter 11 process that will eventually involve a sale. It proposed to pay out about $314,868 before any sale to Tooley, managing director Carol Genis, co-COO Greg Shamo, CFO and co-COO Andrew Matthews, and Relativity TV boss Tom Forman.