The former Summit CEO joined Donald Tang’s new group of entertainment properties in 2017, before a recent film-funding crunch and corporate collapse.
Rob Friedman has left his post as chairman and CEO of Global Road Entertainment, The Hollywood Reporter has confirmed.
The departure is no surprise. Friedman, a former Lionsgate and Summit Entertainment executive, joined Donald Tang’s new group of entertainment companies in 2017.
However, a year after launching with the aim to become a Hollywood mini-studio, several of the most prominent divisions of Global Road Entertainment filed for Chapter 11 bankruptcy in early September in a stunning blow for U.S.-China broker Donald Tang.
Global Road’s film operation was thrown into chaos after owner Tang Media Partners, Tang’s company, was apparently unable to raise $200 million in financing.
That led Global Road’s financially strapped film studio to be tipped into the control of lenders. Now, after earlier layoffs, Friedman looks to have made his way to the exits as well.
Tang began his foray into Hollywood in mid-2016 by purchasing IM Global and simultaneously launching a TV production fund with the company’s recently hatched IM Global Television unit. Then, in late 2017, he closed a deal to buy North American distributor Open Road Films, and he hired Friedman to run the combined companies.
The indie studio was then rebranded as Global Road Entertainment.