News

Exclusive: The company that cuts a lot of Hollywood’s residual checks cut dozens and dozens of employees this week.

Entertainment Partners laid off around 70 people in the past week, I hear.

Hit by the economic downturn battering the entire industry due to the lack of a deal between the studios and striking guilds, the Mark Goldstein-led EP could be looking at even more layoffs down the line, sources says. “The way things are it’s dead out there for the company right now,” an insider tells Deadline.

Contacted by Deadline over the job cuts, Entertainment Partners did not respond to request for comment. If and when they do, this post will be updated.

Based in Burbank, and with offices in NYC, Vancouver, Toronto, Atlanta, San Juan, New Orleans, Las Cruces, New Mexico and Altrincham in the UK, it is unclear right now if the EP pink slipping was...

In today’s film news roundup, three-time Oscar winner Emmanuel Lubezki will shoot David O. Russell’s movie, “The Woman Who Ran” finds a home, Entertainment Partners buys We Got Pop and Clark Backo is starring in “Confession.”

Development

Cinematographer Emmanuel Lubezki has boarded David O. Russell’s untitled New Regency movie, starring Christian Bale, Michael B. Jordan and Margot Robbie.

Lubezki, best known by his nickname “Chivo,” won the Academy Award in three consecutive years starting in 2013 for “Gravity,” “Birdman” and “The Revenant,” all directed by Alejandro Gonzalez Inarritu.

Russell will direct the movie from his own script. Plot details are being kept under wraps. Executives are hoping to start production in the spring.

Matthew Budman is producing. New Regency will produce and distribute through its deal with 20th Century Studios — formerly known as Fox. The news was first reported by Deadline.

Acquisitions

Cinema Guild has bought U.S.

Entertainment Partners, a leading payroll company for the entertainment industry, announced Tuesday it reached an agreement to be acquired by Tpg Capital, the private equity platform of global alternative asset firm Tpg, which is also a majority owner of talent agency CAA.

“We’re thrilled to have found a partner that is excited about our strategic vision as we support the evolution of the entertainment industry,” Ep President and CEO Mark Goldstein said in a statement.

“Through decades of hard work and dedication by our talented team, and through a rewarding collaboration with the experts – our clients – we have made great strides toward digitizing and integrating production workflow,” he added. “We now begin an exciting new chapter in which the significant resources and expertise of Tpg will greatly accelerate our vision. We look forward to a productive long-term partnership that advances our opportunities to deliver phenomenal service to our clients.

Tpg Capital, the private investment firm that owns more than half of Creative Artists Agency, has acquired the payroll software powerhouse Entertainment Partners.

The formerly employee-owned company, which provides payroll and other workforce management services including residuals calculations for clients across the entertainment industry, announced the acquisition in a statement Tuesday night. The company’s management team will remain in their current roles.

Terms of the deal were not disclosed. The acquisition is expected to close in the second quarter of 2019, according to Entertainment Partners.

Also Read: AMPTP Declines WGA Request to Add Anti-Packaging Fee Clause to Contract

Tpg Capital did not immediately respond to a request for comment from TheWrap.

The deal comes as talks between the major talent agencies and the Writers Guild of America on a new agreement have stalled over the issue of packaging deals.

WGA will be holding a four-day member vote beginning Wednesday on...

Tpg Capital, the massive private equity firm that owns Creative Artists Agency, is buying payroll specialist Entertainment Partners for an undisclosed price.

Entertainment Partners’ management team, led by president and CEO Mark Goldstein, will continue in their roles. The agreement was announced Tuesday with plans to close the deal during the second quarter.

“We’re thrilled to have found a partner that is excited about our strategic vision as we support the evolution of the entertainment industry,” Goldstein said. “Through decades of hard work and dedication by our talented team, and through a rewarding collaboration with the experts – our clients – we have made great strides toward digitizing and integrating production workflow.”

“We now begin an exciting new chapter in which the significant resources and expertise of Tpg will greatly accelerate our vision,” he added. “We look forward to a productive long-term partnership that advances our opportunities to deliver phenomenal service to our clients.