By Ray Pride Pride@moviecitynews.com
Fuckin' Genius: Weinsteinco withers Wellspring
It was too good to be true: Eugene Hernandez reports at indieWIRE that the Weinsteinco acquisition of Genius Products for their rack-jobbing expertise does not extend to keeping Wellspring alive as a distribution entity. “The Weinstein Company confirmed that it would be the exclusive domestic distributor for any future Wellspring theatrical releases… Wellspring staff are expected to leave the company by the end of April and the Wellspring Home Entertainment division will move to Santa Monica… In early December, the Weinsteins announced a deal with Wellspring’s corporate parent, taking a 70% stake in the newly named Genius Products LLC, a company comprised of Wellspring’s large library of some 750 feature[s]…. including the work of Truffaut, Jean-Luc Godard, Rohmer, Fassbinder, Greenaway, Almodovar, Antonioni and many others… About 10 people are expected to lose their jobs at Wellspring as a result of the decision to curtail Wellspring’s theatrical arm. The company indicated today that it would save nearly $1 million in overhead… “This realignment supports an aggressive acquisition campaign to build on the Wellspring brand with critically acclaimed films that celebrate intelligent cinema, while at the same time, supporting our strategy of leveraging our core competency by focusing on the sales and distribution of higher margin, packaged entertainment products at retail,” Genius Products CEO Trevor Drinkwater is quoted as typing… “Genius remains committed to the independent film industry and we are moving forward with indie releases. We’re just going to handle them in a different manner than we did before.” …
…Ownership of Wellspring has been anything but stable in recent years,” Hernandez notes, with More history, names and titles at the link. Most notable is this irony: “While the Weinsteins made their name buying and releasing small art house movies — mostly foreign language and American indie titles in the ’80s and early ’90s — today a look at the new The Weinstein Company slate reveals a company—backed by $1.2 billion in funding — that is more focused on genre and star-driven projects… The state of the specialty film business is shaky, leading many companies to abandon smaller movies. In this case, the Wellspring Home Entertainment div[i]sion is expected pursue those films for exclusive DVD release. The concern among stalwarts is that it is becoming harder and harder to get art films on art house theater screens… The news comes at a time of transition for the film business, with fewer buyers giving well-funded releases to art house fare, particularly foreign language films that are not genre movies… Only Sony Pictures Classics maintains a consistent commitment to foreign films, while many smaller boutique buyers seem to be less focused on international cinema, in favor of docs which have performed better in recent years… With theatrical outlets dwindling, audiences will increasingly have to rely on film festivals, or DVD, to get their fix. “Imagine never seeing an Antonioni movie on the big screen,” Wellspring’s Marie Therese Guirgis said in [a] NY Times article. “There are so many filmmakers you wouldn’t like if you just rented them on video.” Apparently, Wellspring’s final release is the Oscar-nom’d Unknown White Male, with the telling tagline, “Imagine if your entire memory were suddenly wiped away.”