News
October 30, 2017
October 27th News Report from your Los Angeles Representative
Happy Friday everyone,
Hollywood continues to buzz about the fallout from the Harvey Weinstein scandal and as his once enormously-powerful namesake company becomes more beleaguered, insiders are speculating about whether it will be able to continue operations. As detailed in the Los Angeles Times below, the decision by private equity firm Colony Capital to not supply The Weinstein Company with a much-needed capital infusion could hasten its financial slide.
http://beta.latimes.com/business/hollywood/la-fi-ct-weinstein-colony-20171025-story.html#nt=oft12aH-1gp2
Sooner or later it always comes down to tax credits: Crain's New York reports this week that the Weinstein Company has received $5 million US in New York tax credits over the last five years, prompting the planned introduction of a bill from State Assemblywoman Linda Rosenthal that would require companies seeking the credit to disclose sexual harassment and sexual assault claims filed against them, and would sanction firms with poor records.The bill has already received preliminary support from Gov. Andrew Cuomo.
http://www.crainsnewyork.com/article/20171023/ENTERTAINMENT/171029966
There is also fallout in the animation industry, where Loud House creator Chris Savino was fired over allegations of sexual misconduct. As reported by the LA Times this week, women and gender nonconforming people in animation sent an open letter- signed by 217 writers, artists and studio executives - to major and independent studios demanding that they do more to stop sexual harassment and discrimination in an industry that has long been dominated by men.
http://beta.latimes.com/business/hollywood/la-fi-ct-chris-savino-fired-20171019-story.html#nt=oft13a-6gp1
There were a few stories this week not related to Harvey Weinstein: Netflix, in fact, grabbed several headlines with its planned, largest-ever $1.6 billion junk-bond offering. As detailed by the Business News Network below, the proceeds from sales will fund additional investment in original content.
http://www.bnn.ca/netflix-binges-on-junk-bonds-as-it-looks-to-fund-more-shows-1-1.893231
Finally this week, it's gratifying to see the world finally give due to great Canadian talent that we've all appreciated for years. In the engaging feature below, Variety examines Hollywood's recent embrace of Ontario native Margaret Atwood.
http://variety.com/2017/tv/features/margaret-atwood-handmaids-tale-alias-grace-1202598028/
I look forward to seeing many of you out at the Ontario Night party next Thursday from 7-10 pm at State Social House on Sunset.
Warmest regards,
Kelly
Kelly Graham-Scherer
Los Angeles Representative
Toronto/ Ontario Film Office