New Regency founder Arnon Milchan shakes up management
With his film finance and production company short on box-office successes over the last few years, New Regency Productions founder Arnon Milchan is replacing his leadership team.
Milchan, whose company has been partnered with 20th Century Fox since 1998, will assume a more hands-on role overseeing operations as its chairman. Co-Chairmen Bob Harper and Hutch Parker, who have jointly run the film and television outfit since 2008, will be leaving.
Milchan is close to hiring former Paramount Pictures production President Brad Weston as president and chief executive of the company, in which 20th Century Fox parent News Corp. holds a 20% stake.
Although Milchan did not return a call seeking comment, Weston confirmed Thursday that he was finalizing a contract to take the position soon. He began talks with Milchan, who was looking for new leadership at his firm, earlier this summer. His four-year run at Paramount ended in 2009 when studio Chairman Brad Grey fired him and film group President John Lesher because they had been slow to develop new movies.
Since then, Weston has been a producer based at Paramount, although his deal through which the studio covered his expenses expired last month. A remake of “Footloose” that he produced will be released in October. He also just wrapped production on the low-budget comedy “Destination Wedding.”
With the notable exception of the “Alvin and the Chipmunks” series, New Regency has struggled to find hits in the last few years. Among its recent box-office misses have been the romantic comedy “Monte Carlo,” the drama “Love and Other Drugs” and the family film “Aliens in the Attic.”
The company has several upcoming movies that will be released this fall by Fox, including the raunchy comedy “What’s Your Number?” the science-fiction thriller “In Time” and a third “Alvin” movie.
New Regency co-finances some of its movies with Fox and fully finances others.
In January, New Regency extended its deal with Fox through 2022 and also began exploring plans to restart a television production division. The company has yet to hire an executive to oversee that unit.
