Over at Overture...(TW, DH, LAT, VAR)

By Nancy Tartaglione

News of Chris McGurk and Danny Rosett's departures from Overture was released late Thursday and attributed to differences in the "strategic direction" of the company. The Wrap reports that rising tension over the lack of funding to release Overture movies led to "a dramatic head-to-head" between McGurk, Rosett and Starz chief Chris Albrecht which resulted in the pair's resignations. Deadline has another take: "I've learned that the duo were told they would be fired if they didn't resign first," writes Nikki Finke.

Despite the duo's departure, Liberty Media is still pursuing various options for the company and has no immediate plans to close, says Variety.

Liberty has been considering a sale or bringing in a strategic partner for Overture, Anchor Bay Entertainment and the two animation production entities within Starz Media. McGurk and Rosett had also tried to mount a management buyout of Starz Media.

According to reports, McGurk and Rosett were said to have been increasingly frustrated that Liberty Media chiefs weren't keeping them in the loop on the plans for the company and were also concerned about the fate of the three movies Overture is set to release this fall.

Wrap sources said McGurk and Rosett had two tension-filled meetings with Albrecht this week over whether Starz would provide enough money to release "Jack Goes Boating," "Stone" and "Let Me In."

McGurk and Rosett, says The Wrap, sent a memo to Albrecht on Thursday demanding the studio commit to a wide release of at least two of the movies, requiring a capital commitment of about $50 million. When that apparently did not happen, the pair resigned.

Peter Adee, Overture's president of worldwide marketing and distribution, will now oversee day-to-day operations at Overture and report to Albrecht.

There are several offers on the table for Starz Media. The Gores brothers are believed to be among those interested in the properties. Under the Gores' plan, says The Los Angeles Times, McGurk and Rosett, who previously worked together at MGM, would have remained in their positions to run Overture.

The Wrap, however, says it is not clear whether Liberty chief John Malone is even prepared to sell Overture. "There is a high probability that he won't sell," said one executive close to the company.