On paper, Broad Green Pictures should work.
The three-year old production and distribution company arrived to Hollywood in 2014, privately funded by billionaire Wall Street brothers Daniel and Gabriel Hammond with promises of A-list talent, prestige films, and salvation for the endangered mid-budget movie. And backed by fortunes made managing hedge funds like SteelPath and Alerian.
On Wednesday, the company shut down its entire production department and cut 15 staffers from an office of 75.
Roughly 50 titles in development were returned home to their creators. In interviews, Gabriel, 38, took responsibility for a series of significant box office misfires like the recent Ryan Phillippe horror thriller “Wish Upon,” which cost $12 million and has earned $13 million in three weeks of wide release.