BREAKING: Coming on the heels of COO David Glasser’s exit this fall, Radius-TWC heads Tom Quinn and Jason Janego are headed for the exits. News was broken by our sister publication Variety that they left. It doesn’t seem entirely that cut and dry, but Quinn and Janego want to start a different company releasing small films theatrically, and get away from the multi-platform day and date model, which is a very unsung way for acquisition execs to make a living. They’re in early discussions with TWC to stake them in a Sony Pictures Classics-like distribution entity that focuses on theatrical releases with prestige films.
The duo left Magnolia Pictures to start the label for Harvey Weinstein in fall, 2011. They had some success working films like Snowpiercer (a small success considering its blockbuster business overseas) and they won the Oscar for the docu Twenty Feet From Stardom, which grossed $5 million on a $1 million budget. The division has been consistently profitable, but a business that seemed to be taking off with successes like Margin Call and Arbitrage, and the RADiUS release Bachelorette, was a grind each time because talent wants their movies to play on a screen and not a TV screen, whether they justify a P&A spend, or not. While streaming services like Netflix are soaring and stealing all the thunder as the alternative that bypasses movie screens, multi-platforms like RADiUS haven’t gotten the same traction.
Initial signs are that Weinstein Company wants to keep its RADiUS label intact along with the rest of the team, but this looks like another question that TWC will have to answer heading into festival scene where Oscar films are launched and new prestige films are acquired. There has been a number of department heads who’ve exited in the last two years, with no high profile hire made to replace them. They’ve elevated capable executives from the ranks. That includes marketing head Stephen Bruno, who went to Netflix; production president Dylan Sellers, digital head Andrew Stachler, and head of international Michael Rothstein.