Spyglass Media Group, launched this month by former MGM boss Gary Barber and Lantern Entertainment, has laid off 15 workers due to the shutdown of the company’s New York office. A company insider confirmed reports of the reductions Wednesday, saying it was a shift designed to maximize the efficiency of workers at the company’s Century City base, where new executives are already joining the roster.
The exit from New York has symbolic importance because Lantern brought to Spyglass the 250-plus titles from The Weinstein Company, which the private equity firm acquired last year for $289 million in a bankruptcy proceeding. Few entertainment companies have ever been more tightly woven into the fabric of New York than TWC, whose offices in Tribeca (and those of predecessor Miramax Films) became a center of gravity in the film and media business over decades. That all came to a crashing end in fall 2017, when dozens of allegations of sexual assault and misconduct against Harvey Weinstein spelled the end of the company.
Once Lantern took control of of The Weinstein Company assets, it exited TWC’s well-known headquarters for other Manhattan offices, retaining a portion of TWC’s employees.
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Spyglass has been ramping up in exec hires to eventually be headquartered fully in Century City. The company will be led by Barber, who is chairman and CEO and oversees all operations. Lantern co-presidents Andy Mitchell and Milos Brajovic remain lead investors.
The company since its March 13 launch has hired Barber’s former MGM colleagues Cheryl Rodman as its chief legal officer and Kristin Cotich as EVP Worldwide Communications, with the company saying more executive appointments are to come over the next days and weeks.
TheWrap first broke the story of the layoffs today.
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