WILMINGTON, Del. (AP) — A Delaware judge has approved a revised plan for the sale of the Weinstein Co., the studio forced into bankruptcy by the sexual misconduct scandal that brought down Hollywood mogul Harvey Weinstein. The plan approved Wednesday calls for private equity firm Lantern Capital to pay $289 million for the Weinstein Co.’s […]
The bankruptcy auction for the sale of The Weinstein Co. has been moved to May 4 from an original date of May 2, and creditors want stalking horse bidder Lantern Capital to explain how it values separate pieces of the company’s assets in its $425 million bid.
Exclusives
The scandal-ridden Weinstein Co. said Monday it has filed for bankruptcy protection and entered into a “stalking horse” agreement with an affiliate of Dallas-based Lantern Capital Partners, meaning the equity firm has agreed to buy the company, subject to approval by the U.S. Bankruptcy Court in Delaware.
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.
A group intent on installing a female-majority board has emerged the front-runner in the bidding to take over The Weinstein Co., but reports that Ron Burkle has joined the group were denied Sunday by his private-equity firm.
The Weinstein Co. board of directors met Friday to consider bids for the struggling film and television studio, according to a person familiar with the matter who requested anonymity because the talks are private. Bids came due last week, and the board members are expected to make a decision quickly.
Colony Capital is no longer interested in buying Weinstein Co., the mini-studio co-founded by disgraced movie mogul Harvey Weinstein, according to two people close to the collapsed deal talks.
Eric Schneiderman’s office says it issued a subpoena seeking all company records.
The film company’s growing TV efforts, which are now moving into the scripted arena, could soon function as a separate entity.
Netflix continues its march to acquire big theatrical content exclusively for its streaming service — now with a big multi-year deal with The Weinstein Co. Netflix will become the exclusive U.S. pay TV service for first-run films from Weinstein beginning in 2016.
The Weinstein brothers are making a renewed play for the small screen. Harvey and Bob Weinstein are among several Hollywood movie makers ramping up television production this year, with 15 shows in development and a commitment to spend more than $10 million per year on the initiative.
