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Report: Miramax's Fiscal Numbers Nudged By Weinstein

IMDB has a nugget from Studio Briefing that summarizes a report from Slate which states that Harvey Weinstein played some interesting games with Miramax's number to boost his own income. Basically, he earned bonuses based on his film's profits. Those bonuses could be affected by budget overruns. The article states that Weinstein would move poor performing movies to the balance sheets for future years in which either their numbers were safer, or they were destined not to get bonuses anyway. Where did these bonuses come from? Disney, which owns Miramax, and which commissioned the report that alleges all this.

None of the three sources for this story say anything about legality. One odd thing though, on paper, many films don't make any profit. This is because participants in production (mainly actors) are given percentage of profits, so numbers are arranged to make less profit appear so that payouts are smaller. This happens all the time. So Weinstein's maneuvers may mark the first time a studio marked up profits to take more than their fair share. --Terrence Ryan

Posted by on October 13, 2005 9:08 PM
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