Head of “Independent” studio takes home $821,540 cash + $215, 192. http://bit.ly/dxtfla A real independent could make 2 movies for that!
With a combined income of just over a million dollars, just what is the head of “The Film Departnent” thinking? The Film Department is a small independent studio, that so far has released one movie of the three they’ve produced. They’re looking to raise $69 million in an IPO, and immediately spending 1.5% on their CEO’s salary this year, and another two staff members account for that much again. So 3% of your raised capital or more accurately nearly 8% of the net from the IPO will go to salaries for three executives this year:
The Film Department has lost a total of $29.7 million since 2007 and generated no revenue until last year. Gill, who was president of Warner Independent Pictures before founding The Film Department, has earned more than $2.6 million in that time.
In addition, the company has paid Gill’s wife, Hanna Weg, $250,000 for screenwriting services on two projects in development and optioned a script by her for which she has not yet been paid.
Seriously, this is what’s wrong with independent production or so-called independent “studios”.