Businesswoman Maria Contreras-Sweet, who has been leading the group of buyers along with billionaire investor Ron Burkle, said in a statement that “disappointing information about the viability of completing this transaction” had led her to call off the sale.
In a plot twist worthy of a cinematic thriller, the investment team lead by Maria Contreras-Sweet has reached a deal to acquire The Weinstein Co.’s assets just days after it appeared the embattled studio was destined for bankruptcy.
The Weinstein Co. appears headed for bankruptcy four months after larger-than-life film mogul Harvey Weinstein was brought down by multiple allegations of sexual misconduct and assault. Dropping a Sunday night bombshell, the board of TWC said it has no choice but to pursue bankruptcy in a sharply worded letter rebuking potential buyers Maria Contreras-Sweet and Ron Burkle, who were part of a group of investors looking to redeem the film and production company.
The saga of the sale of The Weinstein Co. took another turn as the leading bidders for the company are seeking to loosen a Gordian knot with the New York State Attorney General’s office. Discussions are underway to hold a Wednesday meeting between AG Eric T. Schneiderman and the investor group leader Maria Contreras-Sweet and Yucaipa’s Ron Burkle, sources confirm.
Jimmy Finkelstein — co-owner of The Hollywood Reporter, Billboard and Adweek — is one of two final bidders for cash-strapped Variety, while billionaire Ron Burkle is the other suitor still in the running, a source close to the situation says.