Culver City-based Lorimar announced that Russell Goldsmith resigned as chief operating officer and director to head an investment group that will acquire, operate and invest in entertainment firms.
Chairman Merv Adelson said that Lorimar, which produces such network television series as “Dallas,” “Knot’s Landing” and “Falcon Crest,” will not fill the office of chief operating officer. Adelson said he intends to assume more direct responsibilities in operational areas, while President Lee Rich assumes a more active role in creative areas.
Goldsmith said he could not pinpoint investments being considered by his group, whose many investors will include his father, Chairman Bram Goldsmith of City National Bank. Others are from New York and England as well as Los Angeles, he said.
“It is a very fluid time in the business,” Goldsmith said, adding that “having a private group poised and capable of taking advantages of opportunities out there . . . will be exciting and innovative.”