Dec 2, 2019

WeWork film to be penned by "The Big Short" screenwriter

Photo: Getty Images

The story of WeWork and its co-founder and former CEO Adam Neumann will be brought to the big screen by Blumhouse Productions and Universal Studios, per the Hollywood Reporter.

What we know: Charles Randolph, the Oscar-winning screenwriter behind "The Big Short" and "Bombshell," the upcoming film about Fox News, is set to write the screenplay, which will adapt the reporting and upcoming book from Fast Company's Katrina Brooker on the company.

Go deeper: The board bungle behind WeWork's fall

Go deeper

WeWork to lay off 2,400 employees

Illustration: Sarah Grillo/Axios

WeWork is laying off 2,400 employees as a cost-cutting measure, CNBC reports.

"The process began weeks ago in regions around the world and continued this week in the U.S. This workforce reduction affects approximately 2,400 employees globally, who will receive severance, continued benefits, and other forms of assistance to aid in their career transition. These are incredibly talented professionals and we are grateful for the important roles they have played in building WeWork over the last decade."
— A spokesperson told CNBC
Go deeperArrowNov 21, 2019

NYT: WeWork to lay off thousands of workers

Illustration: Aïda Amer/Axios

WeWork is set to lay off at least 4,000 employees as early as next week as the company grapples with major losses that have threatened its very existence, the New York Times reported Sunday evening.

Details: About a third of the 12,500 people that WeWork employed across its global operation at the end of June would be impacted by the layoffs, NYT notes, citing two people with knowledge of the matter. One source placed the figure as high as 5,000–6,000.

Go deeperArrowNov 18, 2019

WeWork's axed IPO driving the yield on its bonds up

Data: FactSet; Chart: Axios Visuals

In mid-August the yield on WeWork's 2025 junk bond was 6.8%, and this week it hit 16.1%.

The state of play: WeWork's IPO was pulled at the end of September, depriving the company of billions of dollars in IPO proceeds as well as even more liquidity in the form of an attached loan commitment. That news drove the yield on WeWork's bonds up to 11.6%.

Go deeperArrowNov 21, 2019