In the mid-1970s, Rubinstein and horror director George A. Romero co-founded the production company Laurel Entertainment. In 1979, Rubinstein took the company public, to raise more money.
In 1984, Romero left Laurel Entertainment to pursue his own projects, although the two would continue to collaborate. In 1988, Rubinstein and Aaron Spelling merged Laurel Entertainment and Spelling's own production company, Aaron Spelling Productions as subsidiaries of a new public company, Spelling Entertainment Inc. The merger was completed on March 1, 1989. Rubinstein remained head of the Laurel Entertainment division.
On October 5, 1993, Blockbuster Entertainment acquired a controlling stake in Spelling Entertainment Group., and in 1994 it in turn was bought by Viacom. In 1995, Rubinstein, who was still head of the Laurel division, left to found his own, smaller production company, New Amsterdam Entertainment in New York City. Laurel Entertainment was folded into Spelling Television the same year.