Broad Green Pictures, the indie studio behind the horror film “Wish Upon” and “99 Homes” among other releases, will lay off 15 people as it shuts down its production division, an individual with knowledge of the situation told TheWrap.
Broad Green had about 75 employees prior to layoffs.
Founded by brothers Gabriel and Daniel Hammond in 2014, the independent studio also had about 50 projects in development that will now go back to filmmakers to set up elsewhere at other studios. Some of those projects include “L.A Riots” by Oscar-winning screenwriter John Ridley, and “Entering Hades,” a drama which has Michael Fassbender attached to star.
The layoffs come after the company had suffered years of flops at the box office. It’s most recent release, “Wish Upon,” grossed $12 million at the box office, which matched its budget.
Broad Green found success with 2015’s “A Walk in the Woods,” but every other film that followed didn’t perform as well, including “Bad Santa 2,” “The Infiltrator,” and “99 Homes.”
“Straight Outta Compton” producer Matt Alvarez — who came over from Relativity to head Broad Green’s production division — will most likely leave after his contract expires later this year.
Broad Green will reassess its options going forward with the remaining 60 staffers and retain its Los Angeles headquarters. The company still has a few films left to release, including Morgan Freeman and Tommy Lee Jones starrer “Villa Capri,” and dance comedy “Step Sisters.”