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UPDATE: The announcement came through today.

Previous: Sources are telling me that film producer Michael Bostick will be announced as the new Co-CEO of Walden Media today, working with CEO Cary Granat who actively recruited his longtime pal. Bostick has long been director Tom Shadyac’s producing partner, but Shadyac recently lost his deal at Universal. (See my previous, Uni Nixes New $$$ Deal For Tom Shadyac.) Bostick’s hiring follows an extensive executive search during which the job was offered to both Nina Jacobson and Colin Calender. But they weren’t willing to put up with the sticky situation at Walden Media after the January shake-up. That’s when head of production Alex Schwartz and Executive VP Jackie Levine exited the company as well as the physical production department, public relations staff, music staff, legal staff, etc. The moves left CEO Cary Granat hanging by a thread and David Weil, the CEO of Anschutz Film Group which is Walden Media’s parent company, really in charge. At that time, Granat retained his title but his reign was marginalized. For months now, no one has been sure exactly what Granat will do. But now it appears he took control of the situation to save himself. Bostick is “someone Cary was actively involved in recruiting,” an insider tells me. “They go back years as friends and co-workers to when they were both execs at Uni.” According to sources, Bostick will oversee new development, while Granat will oversee Walden’s franchise films and all the other arms of the company. All of Walden Media’s movies are shared with Disney, Fox or Summit. (See my previous, Who’s Next Movie Czar At Walden Media?)

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