EXCLUSIVE: Deadline has learned that layoffs started at Solstice Studios today, impacting all divisions at the company.
We hear that for those existing employees remaining, management and executives will take between 25% to 30% deferral in pay. Still awaiting word as to exactly which executives might be impacted.
Let’s face it, it’s been a very hard year during the pandemic for the motion picture industry. Solstice was the first distributor to release a feature theatrical film as the major circuit movie theaters were reopening during late August. That movie being Unhinged starring Oscar winner Russell Crowe. Unhinged has grossed $20.8 million at the domestic B.O. and $42.8M WW. It was a movie that respected the full theatrical window, a distribution plan that the major studios are currently fooling around with during the pandemic as exhibitors are struggling to survive.
Solstice isn’t giving up. Next up for them is the Mark Wahlberg movie Joe Bell, which they’re giving an awards season push to with a theatrical release on Feb. 19, 2021. As Deadline first told you, Joe Bell was bought out of TIFF for $20 million.
Also, we understand that Solstice is moving forward with its feature productions, i.e. Hypnotic in the spring and The Plane starring Gerard Butler.
Solstice Studios was founded in October 2018 in partnership with Ingenious Media. The studio develops, fully finances, produces, sells internationally and distributes feature films in the U.S. on a wide-release basis generally in the $20-80M budget range.