Harvey and Bob Weinstein have convinced their COO and president to back-pedal on his decision to leave the company in a stunning development that demonstrates the executive’s unparalleled importance to the brothers.
Glasser, who announced in July that he would step down in November and is believed to have been in talks with DreamWorks Animation and Netflix, will now remain in his role through 2018 and play a key part in growing the TV side of business at The Weinstein Company (TWC), where titles include Project Runway, Scream and War And Peace.
The TWC publicity machine issued on Wednesday a triumphalist press release in which Bob Weinstein hailed Glasser as the “third brother”, Harvey spoke about “Miramax 2.0” and Glasser himself said TWC’s most ambitious years lay ahead.
Away from the rhetoric, insiders expressed a mixture of surprise and delight that the executive would remain in the fold.
“It’s about money,” said one, while another speculated that Glasser might have stipulated that his return be contingent upon more time with his family as a buffer against the notoriously hard-charging and single-minded brothers.
If that is the case, a report on Deadline Hollywood does not augur well. Apparently Glasser was celebrating his 20th wedding anniversary in Los Cabos over the long Labor Day weekend when the brothers – who knew about the get-away – decided to call, triggering a lengthy negotiating process that would consume most of the weekend.
“He’s a superstar and they couldn’t be without him,” said a source who has regular dealings with Glasser. “For the brothers to do this is unheard of. It shows you what a rockstar David is.”
Glasser joined from Syndicate Films in 2008 as president of international sales and became COO the following year. He has been instrumental in structuring a strategic partnership with Netflix, rebuilding the company’s finances, pursuing must-have acquisitions and persuading the Weinsteins to focus on the core business of content.
“I have always maintained David Glasser is one of the best COOs and partners my brother and I have ever had”, said Bob Weinstein in a statement. “David’s return is a huge boost for the company and he is an invaluable member of this team.
“Although many have tried to claim the title third brother, David is the only one that we would proudly bestow that moniker.”
“I couldn’t imagine continuing this journey without David,” said Harvey Weinstein in a statement. “He knows the company has huge assets that if managed properly will generate long and powerful financial success.
“This is starting to feel like Miramax 2.0 so I figure we should join the original Miramax and create the world’s most famous active movie company. With David back that could be a reality.”
“I am thrilled to continue to make TWC my home,” Glasser said in a statement. “Bob and Harvey as well as the employees of The Weinstein Company have been a big part of mine and my wife Michele’s lives.
“After a long weekend in conversations with everyone, we were able to partner on a plan that will keep me at the studio and continue to grow our business for years to come. I believe the coming years will be the most ambitious in TWC history.”
According to the press release a number of key executives are expected to announce contract extensions in the coming days.
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