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Film Guarantor IFG To Shut Down This Summer

By THE DEADLINE TEAM | Friday May 10, 2013 @ 8:18pm PDTTags: Film Completion Bonds, IFG, Layoffs

The final curtain is about to fall on one of the industry’s top bond guaranty companies. International Film Guarantors has been gutted by its parent company’s decision to switch its allegiance to IFG’s main rival, Film Finances Inc.; Fireman’s Fund instead will insure that firm’s film-completion guarantees starting in early summer. That leaves IFG out in the cold, and the Santa Monica-based company that has bonded hundreds of films over more than two decades soon will be shuttered. Deadline hears that IFG will continue to take new bonding business through July 1, when the Fireman’s-Film Finances deal is expected to close, but will wind down from there. All bonds issued by IFG through that date will continue to be backed by Fireman’s Fund. We hear that there have been no immediate layoffs at IFG but that all staffers including top management will be exiting – some leaving by July and others staying into the fall to work on projects already bonded by the company.

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Inside The Summit And Lionsgate Merger: Layoffs Are The Order Of The Day

By MIKE FLEMING JR | Wednesday February 29, 2012 @ 1:41pm PSTTags: Layoffs, Lionsgate, Summit Entertainment
Mike Fleming

BREAKING: This is the week when the pain from the Lionsgate and Summit Entertainment merger gets felt, as the pieces are being mixed and matched, and layoffs rule the day. It sounds a lot like the plot of … Read More »

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CNN Lays Off 50 Staff: Blames Technology

By NELLIE ANDREEVA | Friday November 11, 2011 @ 10:00pm PSTTags: CNN, Layoffs
Nellie Andreeva

First video killed the radio star, and now technology is killing editing and videographer jobs — at least at CNN. The cable news network today laid off 50 staffers in the Atlanta, New York, Washington DC, Los Angeles, and Miami offices. … Read More »

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D-Day For 200 Disney Layoffs In Distribution Even Though ‘Pirates Of Caribbean’ Passes $900M

By MIKE FLEMING JR | Wednesday June 15, 2011 @ 10:03am PDTTags: Disney, Layoffs, Pirates of the Caribbean: On Stranger Tides
Mike Fleming

It won’t be a good day on the Disney lot. Today, the studio will tell just under 200 staffers that they are being laid off. Deadline told you this was coming, as part of a restructuring effort, with most of those layoffs coming in theatrical and home video distribution. The … Read More »

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Warner Bros Lays Off 50 In Home Entertainment & Consumer Products

By NIKKI FINKE, Editor in Chief | Friday June 10, 2011 @ 8:23pm PDTTags: Layoffs, Warner Bros, Warner Bros Home Entertainment Group, Warner Bros. Entertainment

Fox Lays Off 22 Staffers In Home Entertainment
Now Disney And Lionsgate Laying Off Staff
Job Cuts … Read More »

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Fox Lays Off 22 Staffers In Home Entertainment

By MIKE FLEMING JR | Wednesday June 8, 2011 @ 5:32pm PDTTags: 20th Century Fox Home Entertainment, Layoffs
Mike Fleming

Just because the movies seem to be working this summer and the flood of deals at Cannes indicated that the appetite has returned to the acquisitions business, that doesn’t mean studios are immune to layoffs. Fox has become the fourth studio this week to lop staff. The studio has laid … Read More »

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EXCLUSIVE: The Film Department Shutters

By NIKKI FINKE, Editor in Chief | Thursday May 5, 2011 @ 10:54am PDTTags: Layoffs, The Film Department

The Film Department Withdraws IPO

EXCLUSIVE: I began hearing rumors from sources yesterday that The Film Department had laid off its entire staff. Today, I can confirm that it’s a very sad day for that 3-year-old company that financed and produced the hit film Law-Abiding Citizen: it will close as of May 27th. Here’s what happened in summary to Chairman/CEO Mark Gill and Vice Chairman/COO Neil Sacker: Though the company was profitable in 2010 and generated $90 Million in revenues in the last 18 months, The Film Department was not allowed to keep it due to lender stipulations forced upon the company during the credit crisis. So all that money went to lenders. When the company had become profitable and improved its balance sheet by more than $105 million in the last year, it sought to raise $200 million in new private equity and debt to become a U.S. film distributor as well as a financier/producer. But it was unable to close its recapitalization in challenging capital markets.

“What if you made $90 million and your banks wouldn’t let you keep it? Basically, that’s what happened to us,” Mark Gill, Chairman and CEO of The Film Department, said in an exclusive statement to me. “We managed to hold on in this impossible position for 15 months, but we couldn’t survive indefinitely.”

“We came within inches of closing our recapitalization on three occasions, but unfortunately close isn’t good enough,” Neil Sacker, Vice Chairman and COO of the company, said in an exclusive statement to me. “We’re grateful to everyone—filmmakers, talent, financiers, industry experts and our staff—who contributed considerable time, effort, expertise and capital to the company.” Read More »

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UPDATE: New Line Layoffs Start And End

By NIKKI FINKE, Editor in Chief | Tuesday April 12, 2011 @ 6:45pm PDTTags: Layoffs, New Line Cinema, Time Warner

UPDATE 6:45 PM: Good news. I now am informed that these are the extent of the planned layoffs for New Line.

EXCLUSIVE 5:30 PM: There were 7 layoffs among the 40 employees at New Line in recent days: 2 creatives, 1 … Read More »

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