Weinsteins, Miramax face ironic fate in Oscar race
Fri Dec 17, 2004 05:41 PM ET
By Bob Tourtellotte
LOS ANGELES, Dec 17 (Reuters) - For brothers Harvey and Bob Weinstein, these may be the best of times and the worst. Their Miramax Films is mounting what could be its strongest slate of Oscar contenders in years, led by "The Aviator," yet the pair also could soon lose their jobs with Disney.
The co-chief executives of Miramax, backer of Oscar-winning films like "Chicago," are locked in contentious talks with corporate parent Walt Disney Co (DIS.N: Quote, Profile, Research) over a renewal of their employment contract which ends next September.
Whatever the outcome, Bob Weinstein told Reuters the brothers plan to continue to work together, and said he expected the issue to be solved amicably and quickly.
"If things don't work out and we don't stay (at Disney), whatever we do, we will do it together and also create a company" to produce movies, Weinstein said.
Speculation has swirled in Hollywood that contract issues will be resolved early next year after the Oscars, the U.S. film industry's top awards given out in February by the Academy of Motion Picture Arts and Sciences.
Weinstein declined to put a timetable on a resolution, but said that for the sake of employee morale, he thought it would be done "quickly." He added that he and his brother were readily available to conclude the matter with Disney.
Talk in Hollywood also has centered on whether Miramax has the financial muscle and people power to promote "Aviator," "Finding Neverland" and France's "Les Choristes" for Oscars.
Disney bought Miramax in 1993 for $75 million when it was known for low-budget and foreign films. Since then, the Weinsteins have cranked out hits and boosted its estimated value to between $2 billion and $3 billion.
But this past summer, a budget crunch led Miramax to cut staff from 485 employees last spring to under 300 presently.
"We have the money. We have the clout, and we are supporting every one of these movies fully," Weinstein said.
A LAST HURRAH?
"The Aviator," starring Leonardo DiCaprio and directed by Martin Scorsese, tells of the life of eccentric billionaire Howard Hughes. This week, it was nominated for six Golden Globe awards, second only to "Sideways," a romantic comedy.
"Finding Neverland," in which Johnny Depp plays "Peter Pan" author J.M. Barrie in a fictional work about Barrie's life, was nominated for five Golden Globes and was named the year's best film by the National Board of Review critics group.
Miramax has traditionally mounted a strong slate of films for Oscars. In 2002 "Gangs of New York" and "Chicago" were nominated for best movie. But after mixed reviews and a less-than-stellar box office, "Gangs" lost steam in the Oscar race.
This year, "Aviator" and "Finding Neverland" are strong contenders for best movie. Both won good reviews. "Neverland" is performing strongly at box offices. "Aviator" gets its start on Friday. "Les Choristes," too, is in good position to be nominated for best foreign language film.
"This is sort of the last campaign, the last hurrah, of the Miramax we know," said Pete Hammond, a veteran Hollywood writer and Oscar watcher.
However, he and others point out that Disney is less concerned with awards than earnings.
Much of the contention in the contract talks centers on how profitable Miramax is. A source close to the studio said that it had earned $120 million, under generally accepted accounting practices, for fiscal 2004.
Because Miramax is a Disney division, its profit figures are not detailed in Disney financial statements. Weinstein declined to comment on numbers, as did a Disney spokesman.
Whatever the brothers end up doing, Weinstein said Miramax had enough movies for a full slate through 2005, and added the company plans to be active at January's Sundance Film Festival, which is a key market for independent films.
Fri Dec 17, 2004 05:41 PM ET
By Bob Tourtellotte
LOS ANGELES, Dec 17 (Reuters) - For brothers Harvey and Bob Weinstein, these may be the best of times and the worst. Their Miramax Films is mounting what could be its strongest slate of Oscar contenders in years, led by "The Aviator," yet the pair also could soon lose their jobs with Disney.
The co-chief executives of Miramax, backer of Oscar-winning films like "Chicago," are locked in contentious talks with corporate parent Walt Disney Co (DIS.N: Quote, Profile, Research) over a renewal of their employment contract which ends next September.
Whatever the outcome, Bob Weinstein told Reuters the brothers plan to continue to work together, and said he expected the issue to be solved amicably and quickly.
"If things don't work out and we don't stay (at Disney), whatever we do, we will do it together and also create a company" to produce movies, Weinstein said.
Speculation has swirled in Hollywood that contract issues will be resolved early next year after the Oscars, the U.S. film industry's top awards given out in February by the Academy of Motion Picture Arts and Sciences.
Weinstein declined to put a timetable on a resolution, but said that for the sake of employee morale, he thought it would be done "quickly." He added that he and his brother were readily available to conclude the matter with Disney.
Talk in Hollywood also has centered on whether Miramax has the financial muscle and people power to promote "Aviator," "Finding Neverland" and France's "Les Choristes" for Oscars.
Disney bought Miramax in 1993 for $75 million when it was known for low-budget and foreign films. Since then, the Weinsteins have cranked out hits and boosted its estimated value to between $2 billion and $3 billion.
But this past summer, a budget crunch led Miramax to cut staff from 485 employees last spring to under 300 presently.
"We have the money. We have the clout, and we are supporting every one of these movies fully," Weinstein said.
A LAST HURRAH?
"The Aviator," starring Leonardo DiCaprio and directed by Martin Scorsese, tells of the life of eccentric billionaire Howard Hughes. This week, it was nominated for six Golden Globe awards, second only to "Sideways," a romantic comedy.
"Finding Neverland," in which Johnny Depp plays "Peter Pan" author J.M. Barrie in a fictional work about Barrie's life, was nominated for five Golden Globes and was named the year's best film by the National Board of Review critics group.
Miramax has traditionally mounted a strong slate of films for Oscars. In 2002 "Gangs of New York" and "Chicago" were nominated for best movie. But after mixed reviews and a less-than-stellar box office, "Gangs" lost steam in the Oscar race.
This year, "Aviator" and "Finding Neverland" are strong contenders for best movie. Both won good reviews. "Neverland" is performing strongly at box offices. "Aviator" gets its start on Friday. "Les Choristes," too, is in good position to be nominated for best foreign language film.
"This is sort of the last campaign, the last hurrah, of the Miramax we know," said Pete Hammond, a veteran Hollywood writer and Oscar watcher.
However, he and others point out that Disney is less concerned with awards than earnings.
Much of the contention in the contract talks centers on how profitable Miramax is. A source close to the studio said that it had earned $120 million, under generally accepted accounting practices, for fiscal 2004.
Because Miramax is a Disney division, its profit figures are not detailed in Disney financial statements. Weinstein declined to comment on numbers, as did a Disney spokesman.
Whatever the brothers end up doing, Weinstein said Miramax had enough movies for a full slate through 2005, and added the company plans to be active at January's Sundance Film Festival, which is a key market for independent films.