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Weinstein Company to Slash Annual Movie Releases, Amp Up Television

”This is not unusual. There’s always been some years of growth and success, and then some other years,“ insider tells TheWrap

The Weinstein Company has plans to slash its annual film release count and shift focus to its profitable television department, an individual familiar with the studio’s thinking told TheWrap.

In a significant departure from the company’s stock in trade and the longtime indie film roots of founders Harvey and Bob Weinstein, TWC intends to release roughly 10 theatrical films per year while allocating resources to several new TV projects, the insider said.

TWC releases have been in steady decline: 21 titles were released in 2013, 19 hit theaters in 2014 and this year saw only 12 films hit theaters.

The New York-based indie house laid off roughly 40 staffers last week across film and publicity departments. The company has also been grappling with cash issues, which TheWrap reported on in late August, which Harvey Weinstein attributed to their ambitious release plans.

“We let 50 people go, you do less,” one TWC insider told TheWrap.

In terms of future film endeavors, scripts will be pursued at the development stage and nurtured through production — subsequently reducing the company’s acquisitions in a given year.

“This is not unusual for The Weinstein Company,” a second insider said. “There’s always been some years of growth and success, and then some other years.”

Representatives for TWC did not immediately return TheWrap’s request for comment.

Immediate goals include the vetting of scripts for 2016, according to the insider. The studio already counts Michael Keaton‘s “The Founder” and Matthew McConaughey‘s “Gold,” which has the executive suite excited. As does upcoming TV dare like “Downton Abbey” creator Julian Fellowes ‘ latest “Dr. Thorne.”

“I’ve been dealing with this for 30 years. Put six films out together for an independent film company, there will be a moment with tough cash flow,” Weinstein said at the time.

The studio’s next release will be Michael Fassbender‘s “Macbeth” on Dec. 4, following by Quentin Tarantino‘s controversial “The Hateful Eight,” which will hit roughly 200 theaters on Christmas Day using 70mm projectors.