Overture Films chiefs Chris McGurk and Danny Rosett walked out late on Thursday [July 1] following differences of opinion with parent company Starz over the distributor’s future.
The theatrical distribution label launched with the two executives at the helm in November 2006 and had been the subject of speculation from potential buyers for some time.
A knowledgeable source said McGurk and Rosett had grown frustrated over the failure to find a buyer six months after the company was put up for sale in January. The list of suitors has come down to the Gores brothers and another private party, however it is understood Liberty Media, John Malone’s conglomerate that owns Starz, has not come close to resolving the matter.
Overture’s unsettled corporate status meant McGurk and Rosett were unable to buy films and they became concerned about the well-being of a trio of titles scheduled for theatrical release later this year.
Neither McGurk, who had served as CEO of Overture and its sister company Anchor Bay, a home entertainment division with theatrical distribution aspirations, nor the former Overture COO Rosett issued a statement. They have not taken anyone with them and all staff remain in place to service the theatrical pipeline.
Worldwide marketing and distribution president Peter Adee takes over day-to-day operations and reports to Strarz president and CEO Chris Albrecht. Bill Clark assumes control of Anchor Bay and will now report directly to Albrecht.
Horror remake Let Me In is scheduled to open on October 1, Philip Seymour Hoffman’s feature directorial debut Jack Goes Boating is set for September 17, and the Ed Norton and Robert De Niro thriller Stone will open on October 8.