Andy Mitchell and Milos Brajovic held the meeting in The Weinstein Co.’s offices on Wilshire Boulevard in Los Angeles and provided an update on the deal, which was approved last month by the bankruptcy court judge in Delaware but is not yet complete. New York staff participated via teleconference.
The Dallas-based executives told TWC staffers they plan to run the newly formed studio on an interim basis, until they hire a new chief executive officer, a source said.
The Weinstein Co. employees were concerned about their own employment status. It may well have occurred to some, perhaps for the first time, that Lantern would operate a new company with different standards, said the source. Lantern is going through the process of evaluating all facets of the business, including remaining staff.
Lantern offered to pay $310 million in cash and assume some of the Weinstein Co.’s debts. It was the stalking horse in the bankruptcy action and the favorite to take over the company from the beginning despite having no previous experience in holding an entertainment company.
A promised last-minute bid from the rival Inclusion Media never reached the court.