Rise Media Group has closed its literary/production division after an internal review found its performance was not up to scratch.
The company, which originally launched as Woodburn Sweitzer Management (WSM) in late-2009, will now focus on growing its talent, packaging (film and TV) and brand building divisions.
Rise managing director and founder Rob Woodburn said: "We have given the literary/production department ample time to show positive results but it unfortunately has not met our expectations. We will be focusing our energies on our core strengths [Talent, Packaging and Brand Building] moving forward."
Literary manager and producer Keith Sweitzer has now left the company and is set to return to the United States.
The company's first feature film, John Doe, is in post-production, while documentary feature Morning Glass begins production next month in Mexico, USA, Australia and Hawaii.
One North Entertainment, formerly known as RGM Media, also attempted to turn its talent agency into a production company although it spectacularly imploded after suffering a cash crunch.
Rise represents The X-Factor Australia's host Luke Jacobz; Last Resort actor Daniel Lissing; Hall Pass and Scrubs actor Nicky Whelan; Big Brother's Mike Goldman and a number of the Bondi Rescue team. Rise also recently became the exclusive Australia/New Zealand celebrity consultant for direct sales and marketing company Guthy-Renker.