![]() ![]() Most industry watchers assumed Tang had raised at least enough capital to carry the company through the slate of films it inherited from Open Road, no matter how poorly they performed. According to a bankruptcy filing, there are now 40 employees remaining and some of them are shared with other companies. A total 144 people worked at Global Road and Tang Media Partners prior to the layoffs, with about 60 assigned to the film division. Of those shown the door, 40 worked in the company’s Los Angeles office, while five worked in London. Layoffs quickly followed, with roughly 45 staffers let go. Two weeks ago, banks took control of Global Road’s movie unit, including Bank of America and East West Bank. The company’s film library includes such notable works as Jobs, Side Effects and Nightcrawler. Tang had grand ambitions when launching Global Road in October 2017 after hiring veteran Hollywood studio executive Rob Friedman to run the company he’d constructed upon buying IM Global and Open Road Films. ![]() Those entities will continue to operate as ongoing concerns working with existing and future partners.” “IM Global Television and IM Global were re-branded earlier this year as part of Global Road Entertainment. “Today’s filing for bankruptcy protection for Open Road Films solely encompasses domestic related film operations and does not include Tang Media Partners, Tang Media Entertainment, IM Global Television (both scripted and non-scripted) and IM Global,” read a Global Road statement on Sept. Viacom, Disney, NBCUniversal, and TBS round out the list of the top five creditors - each owed several million dollars. The largest unsecured creditor is Bank Leumi, the Israeli financial institution that recently filed a lawsuit after a release of the latest Johnny Depp film City of Lies was postponed without payments under a loan agreement. ![]()
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