Low-Profile Bob Weinstein Must Now Save the Family Film Business

Anywhere else in Hollywood, Bob Weinstein would have been the star, with a string of executive producer credits on Oscar winners such as “The English Patient” and “Good Will Hunting” and a track record for making low-budget, profitable films.

But Weinstein, 62, was always the second banana to his larger-than-life older brother Harvey. Now with Harvey booted from the film studio the brothers co-founded, their roles are reversed. It will fall on Bob Weinstein’s shoulders to save the family business and steer it into a new era, one less reliant on the art-house films his brother was known for cultivating.

The board of Weinstein Co., reduced to just four members following a string of resignations, said on Sunday that it had terminated the employment of Harvey, 65. The move was in response to a New York Times story that said he’d paid settlements to eight women who had accused him of sexual harassment. Several of the women were Weinstein employees, according to the paper. Since last week, the company, with more than 100 employees, has been under the leadership of Bob, the co-chairman, and David Glasser, the chief operating officer.

Already partners of Weinstein Co. are cutting ties with Harvey. Lifetime, the cable network that airs the brothers’ biggest TV hit, “Project Runway,” is taking Harvey’s executive producer credit off of that show and another, “Six,” that Weinstein Co. co-produces for the channel. Similarly, Viacom Inc.’s Paramount Network is removing Harvey’s name from three shows under production with the company: “Waco,” “Yellowstone” and “Rest in Power: The Trayvon Martin Story.”

After decades of working with his brother in the business, Bob’s major task in the coming weeks will be deciding how to distance the company from Harvey. One decision, still under consideration, could be especially painful: changing the company’s name.

“It’s right out of Machiavelli’s ‘The Prince,’ ” said Ted Clark, who heads the Center for Family Business at Northeastern University in Boston. ‘‘One of the princes was getting out of control and he had to be dealt with.”

Weinstein Co. and Bob Weinstein didn’t respond to requests for comment.

The brothers were always a pair, since their days promoting rock concerts in Buffalo, New York, in the 1970s. Harvey steered them into the film business, with early hits such as “Sex, Lies and Videotape” and “Pulp Fiction.” Over the years, Bob focused on more mainstream fare that didn’t win Oscars but made money, such as the horror film series “Scream” and children’s movie “Spy Kids.”

“Harvey was more of the schmoozer, while Bob was more of the financial side,” said Jeff Bock, senior box office analyst at Exhibitor Relations.

The Weinsteins sold their first company, Miramax, to the Walt Disney Co., before heading off on their own in 2005. Even after releasing critical favorites such as “The Reader” and “Inglourious Basterds,” the brothers never found their financial footing. In 2010, they restructured $450 million in debt in a deal that gave Goldman Sachs Group Inc. control of 250 of their films.

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