Oscars 2009: 'The Reader' Changes the Game

That would be good news for Weinstein, who may have more at stake than just bragging rights in this year's Oscar race. Industry insiders have been predicting the demise of The Weinstein Co. for more than a year. A string of recent flops, including Zack and Miri Make a Porno and Killshot, have surely depleted the studio's coffers, and Weinstein's actions of late — pushing films off their release dates and dumping another on five screens in the middle of Arizona — have fueled the rumors. Some in the industry have even speculated that Weinstein pushed to release The Reader in 2008 simply because his financial situation was becoming dire. ''No, no,'' he says. ''People make up more and more stuff as time goes by.'' Asked flat out if his company is running out of cash, Weinstein says, ''You gotta be kidding, right?''

Regardless of how safe or shaky TWC's future may be, the company has several major films slated for this year, including Quentin Tarantino's Inglourious Basterds (sic) starring Brad Pitt. An Oscar win could transform The Reader into a crucial breadwinner — and, more important, reestablish TWC as a major player in the prestige market. Says one industry source, ''They are unbelievably good at pulling rabbits out of their hats.''

The easiest sleight of hand for Weinstein should be nabbing the Oscar for his leading lady Kate Winslet, who is a six-time nominee. But could he really pull off Best Picture? ''He has no mystical powers,'' says one Oscar sage. And even Weinstein knows it's going to take some serious sorcery to steal momentum from Slumdog Millionaire, which continues to grab every trophy in sight, most recently taking top honors at both the Directors Guild of America and Screen Actors Guild awards. In truth, The Reader remains a long shot in the Best Picture race, but if there's one thing Hollywood has learned over the past two decades, it's never to underestimate Harvey Weinstein. Love him or hate him (or both), he made the Oscar races exciting. Now Weinstein has another chance to relive his glory days, to slap the backs, to point the fingers, to be the P.T. Barnum of the Academy circus one more time. ''It's the sportsman in me,'' he says. ''I like the fight.'' We've noticed.

More Oscars from EW:
Dave Karger Ranks the Best Picture Contenders' Chances
Oscars: Harvey Weinstein's Midas Touch
Dave Karger's OscarWatch blog