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Brad Weston May Become CEO at New Regency

Co-chairs Bob Harper and Hutch Parker are leaving the company

Brad Weston, the former production president of Paramount Pictures, is in talks to become CEO of New Regency Pictures, TheWrap has confirmed.

An individual close to the situation told TheWrap that there is no deal in place, but that talks are moving along.

New Regency referred questions to Weston.

Weston (left) did not immediately return requests for comment.

The individual told TheWrap that Arnon Milchan, New Regency's founder, plans to take a more active role in the company.

Milchan's producing credits include the 1984 "Once Upon a Time in America," the 1985 "Brazil," the 1994 "The Client" and the 1997 "L.A. Confidential," which earned him an Oscar nomination.

New Regency chairs Bob Harper and Hutch Parker are leaving the company, though it's unclear when they'll leave.

Weston was fired from his job at Paramount in 2009. John Lesher lost his job as president of Paramount Film Group the same day.

After losing the studio job, Weston took a production deal on the Paramount lot.

New Regency, which Milchan founded in 1991, is the production company behind "JFK," "A Time to Kill" and "Mr. and Mrs. Smith," among others.

In 1998, the company entered a 15-year equity and distribution agreement with Twentieth Century Fox. It also operates Regency Television, a joint venture with Fox Television Studios.

Deadline first reported the news.