Unique: Solstice Studio is terminating most of its key executives, a move that was announced to employees on Monday morning. Deadline Hears That Among Those Who Are Out There Are CEO Founders Mark Gill, production president Lisa ElzeeFounding Head of Marketing Vincent Bruzzesi, head of distribution sherry hardison and international sales toppers crystal bourbe. it is like this Round of layoffs last December of about 20 people.
The company will continue with only 10 employees, and they will oversee the completion. hypnotic, which is now in production with Robert Rodriguez directing and starring Ben Affleck and Alice Braga. Those employees are expected to remain in place until autumn 2022. I have been told that the company will be closed after that.
“The Solstice is not closing,” a company spokesperson said this morning. âIt is being streamlined and will focus entirely on the production and release of ‘Hypnotic’. To that end, there will still be 10 people working in the company.
“‘Hypnotic’ is fully funded and is currently in production. Principal photography is scheduled to be completed on November 19. Post-production is scheduled for completion on July 15, 2022.
Solstice is targeting a wider theatrical release in North America across at least 2,000 screens in September or October 2022. The US release will either be handled by a team produced by Solstice for this picture â or by a third party US by distributor.
Solstice is targeting a concurrent international theatrical release of the film, which will be handled by independent distributors in regions around the world who have pre-purchased the film.
Solstice is almost identical to the statement CFO Sean Williams sent to employees today.
Solstice formed as a privately backed enterprise in late 2018 Designed to release three to five films targeting a global audience both financially and theatrically and costing between $30 million-$80 million in the thriller action category. The company plans to supplement its slate through the acquisition of finished films. Solstice launched with $400 million in initial capitalization, of which $150 million was coming from Ingenious Media. The business plan made Sankranti particularly vulnerable in March 2020, when Covid closed theaters and production. While the company stuck to its theatrical release roots and produced the film Russell Crowe’s Road Rage. without hinges The first major film to reopen theaters, to overcome the effects of that global pandemic was too much for a company that afforded the cost of building an infrastructure and staff that had little to do with the darkness of cinemas. Had to do with it.
Most of the company’s financing came from a wealthy family that remained in the background, and apparently had enough money to do so as that money dried up. Even though the theatrical box office has finally started showing some vibrancy, it was too late for Sankranti. The purge of the company’s top executives comes after a futile attempt at recapitalization recently.
âCovid injured him. Delta killed them,â said a source with knowledge of Sankranti. “They came very close to recapitalizing the company. It’s almost done in the last two weeks. It’s a shame, because they had momentum coming from ‘Unhinged’ and the city when theaters reopened last summer. There was a lot of good will all around. They had also created a good slate of projects.â
For a while one could see tensions which raised the possibility that the sun might set on the solstice, as revenue dried up in the pandemic. a $20 million worldwide rights deal For the Mark Wahlberg-starrer Joe Bell Virtual Toronto Film Festival market was executed in the fall, 2020 was quiet Cancelled, And the film was released by Roadside Attraction and Vertical Entertainment. Another deal, $50 million to finance the Gerard Butler-starrer action thriller Aeroplane It was titled AFM Buzz of 2020, it also apparently fell on Covid insurance issues. Lionsgate reacquired the film, which is in production. Then came first round of layoff, at the end of December.
to make gambling without hinges The first star-driven new offering for theaters to reopen directed by Christopher Nolan Theory Did the right thing. The film grossed just north of $20 million domestically, and grossed over $44 million worldwide. It was not enough.
Deadlines appear to be catering to many smaller producer/distribution companies for a variety of reasons, including over-expansion for various reasons, or misreading the box office limits for independent companies.
Solstice had experienced founding execution at Gill (former Miramax and Warner Independent Chairman) and others. But he launched at a time when a theater-shutdown viral pandemic was unimaginable. The company’s demise is a real blow to the fragile ecosystem of the independent film business, which needs such ambitious companies.