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The Weinstein Company (2005)

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  Summary  

The Weinstein Company is an American film studio founded by Bob and Harvey Weinstein in 2005 after the brothers left the then-Disney-owned Miramax Films, which they had co-founded in 1979. They retained ownership of the Dimension Films label of Miramax.

  Biography  

Their first releases in 2005 included the dramatic thriller Derailed , the offbeat comedy-drama Transamerica the computer-animated family film Hoodwinked, the World War II-era comedy-drama Mrs. Henderson Presents and the caper comedy The Matador .

In February 2006, TWC announced a distribution pact with Metro-Goldwyn-Mayer. MGM distributed the product domestically in theaters, while TWC will retain long-term ownership of their product.

In July 2006, the Weinsteins and Robert L. Johnson announced the creation of a joint venture studio titled Our Stories Films, which will distribute African-American-oriented films. In late August 2006, it was announced that TWC and co-investors Hubbard Media Group purchased Ovation TV, an arts-focused cable channel.

In November 2006, TWC announced a three-year deal with Blockbuster Video to give the video renting company exclusive rights for rentals starting on January 1, 2007. However, under the First Sale Doctrine of United States copyright law, other rental companies are able to rent copies of the company's movies purchased at retail.

The company is the co-producer, along with Miramax, of the Lifetime reality series Project Runway, which for its first five seasons aired on Bravo.

On May 24, 2007, The Weinstein Company announced the launch of three new direct-to-video labels: The Miriam Collection, Kaleidoscope TWC, and Dimension Extreme.

On September 25, 2008, TWC ended its three-year distribution pact with MGM three months before the December 31 end date. This happened in part because TWC had struck a television output deal with Showtime, though not through MGM's output deal with them. During the span of their pact, TWC paid for marketing and prints, while MGM received a distribution fee for booking theaters.

In 2009, TWC might have lost the rights to the movie Sin City 2. The first movie cost only 40 million dollars to make and brought in almost 159 million in box office alone. Weinstein Company lawyer Bert Fields quickly denied this report saying "TWC's rights to produce sequels to Sin City remain intact as they always have been. Any suggestion to the contrary is complete hogwash."

In June 2009, The Weinstein Company announced the hiring of a financial adviser to restructure the finances of the company. Since July, 2009, many layoffs occurred at TWC, and the release dates of some films were pushed back.

On September 14, 2009, TWC terminated its stake in Genius Products, which served as TWC's home video distributor from 2006 to 2009. Genius however, had announced to exit the home video distribution business and the DVD rights that were distributed by Genius were sold to Vivendi Entertainment. TWC also struck a deal with Vivendi.

In January 2010, TWC announced more layoffs at the company after the box office failure of Nine. On February 21, 2010, The Weinstein Company made a deal with Sony Pictures Home Entertainment releasing the DVDs through Sony Pictures Worldwide Acquisitions Group.

TWC's library, consisting of 200 titles, will be sold off to Goldman Sachs and Assured Guaranty. The deal, if successful, will free the Weinsteins from debt.

Bob and Harvey Weinstein attempted to buy back Miramax from Disney in 2010, but the attempt was unsuccessful.

A new joint venture between Miramax and TWC has been set up, to develop sequels of films from the former studio. Sequels to Rounders, Bad Santa, and Shakespeare in Love are among the films being developed under this new deal, while sequels to Bridget Jones’s Diary, Cop Land, From Dusk till Dawn, Swingers, Clerks, Shall We Dance?, and The Amityville Horror are being billed as "potential" projects.

On January 4, 2011, The Weinstein Company has agreed to acquire a 25% stake in Starz Media.

On February 3, 2011, the Weinsteins extracted a $75 million consolation prize from their former parent company, Disney, thus improving their filmmaking career. As a result, Disney handed over its 50% stake in Project Runaway, and reduced its share in four jointly owned films, including Scary Movie and Spy Kids, from 50% to 5%.

On February 27, 2011, TWC's distributed film The King's Speech brought to the company their first Academy Award for Best Picture at the 83rd Annual Academy Awards, after their last Best Picture Oscar winner Chicago won in 2002 when Bob and Harvey Weinstein were at Miramax, controlled by then corporate owner Disney, and their previous Best Picture nominees for TWC were 2008's The Reader and 2009's Inglourious Basterds, the latter film a co-production with Universal Pictures and A Band Apart.

In March 2011, the company formed a video game division named TWC Games. TWC Games formed a strategic consultancy with Beefy Media, a video game production company, to foster relationships with publishers and create high-quality games.

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Whole or part of the information contained in this card come from the Wikipedia article "The Weinstein Company", licensed under CC-BY-SA full list of contributors here.