Savoy Fires 70 in Wake of Acquisition

An estimated 70 employees in Savoy Pictures’ film division were abruptly fired Friday as the company slashed the unit to a skeleton crew in the wake of its proposed acquisition by Barry Diller’s Silver King Communications.

Although Savoy has been phasing out of the film business, employees said they were caught off guard by the firings, saying they expected to at least have jobs through the holidays.

The firings at Savoy’s Santa Monica office follow Monday’s announcement that Silver King would buy Savoy for about $210 million in stock. Founded in 1992, Savoy has been plagued by a long string of box-office flops such as “East of Eden” and “Steal Big, Steal Little.”

Savoy still has four movies to release, or find another studio to distribute. Diller, who built the Fox Television Network, bought the company largely for its estimated $100 million in cash as well as four television stations Savoy owns.

The firings come as Savoy is distributing for Rysher Entertainment the new John Travolta movie “White Man’s Burden.”

Savoy’s name does not appear in the ads for the film, which sources said stems from a bitter falling out that came when Rysher took out full-page ads inviting President Clinton and Senate Majority Leader Bob Dole (R-Kan.) to see the box-office dud “Three Wishes.” Savoy executives were said to be steamed at that move.