News | Entertainment
25 Jun 2018 20:04
NZCity News
NZCity CalculatorReturn to NZCity

  • Start Page
  • Personalise
  • Sport
  • Weather
  • Finance
  • Shopping
  • Jobs
  • Horoscopes
  • Lotto Results
  • Photo Gallery
  • Site Gallery
  • TVNow
  • Dating
  • SearchNZ
  • NZSearch
  • Crime.co.nz
  • RugbyLeague
  • Make Home
  • About NZCity
  • Contact NZCity
  • Your Privacy
  • Advertising
  • Login
  • Join for Free

  •   Home > News > Entertainment

    The sale of the Weinstein Company has fallen through again

    The world-famous film studio - which was co-founded by disgraced movie producer Harvey Weinstein - was days away from filing for bankruptcy last week before an organisation headed by Maria Contreras-Sweet, billionaire Ron Burkle andLantern Capital struck a deal to purchase the company's assets, but they have now pulled out after receiving some "disappointing information"


    Maria said in a statement "All of us have worked in earnest on the transaction to purchase the assets of The Weinstein Company.

    "However, after signing and entering into the confirmatory diligence phase, we have received disappointing information about the viability of completing this transaction.

    "As a result, we have decided to terminate this transaction."

    According to Deadline, the buyers group pulled out after discovering some undisclosed liabilities, including $27 million in residuals and profit participation, $20 million in accounts payable, and $17 million in a commercial arbitration award.

    The Weinstein Company is now expected to move into bankruptcy over the coming weeks, and Maria hasn't ruled out using that process to help her to further her film studio "vision".

    She said: "I believe that our vision to create a women-led film studio is still the correct course of action. To that end, we will consider acquiring assets that may become available in the event of bankruptcy proceedings, as well as other opportunities that may become available in the entertainment industry.

    "I remain committed to working to advance women's business ownership in all sectors and to inspire girls to envision their futures as leaders of important companies."

    TWC's downfall began after Harvey was accused of sexual misconduct by a number of stars, and he was later sacked from the company shortly after the first allegations became public in October last year.

    He is currently under investigation by police in the US and the UK, but no charges have yet been brought.

    The 65-year-old producer previously admitted he "caused a lot of pain", but he's also denied many of the accusations he's now facing.

    The Weinstein Company was founded in 2005 by Harvey and his brother Bob, who owns 23 per cent of the firm.

    © 2018 Bang Showbiz, NZCity


     Other Entertainment News
     24 Jun: Seth Rogen is tired of Ariana Grande and Pete Davidson's public displays of affection
     24 Jun: Jennifer Aniston is reportedly "very happy being single" following her split from husband Justin Theroux
     23 Jun: Kate Spade's father Earl Brosnahan died just one day before her funeral
     23 Jun: Blake Shelton and Gwen Stefani both thought their relationship was "a rebound deal"
     23 Jun: Demi Lovato has opened up about breaking her sobriety in an emotional new song
     23 Jun: Kim Kardashian West has returned to Paris for the first time since her robbery in the city
     23 Jun: Iggy Azaela's 'Fancy' cheerleader outfit has raised more than $2,000 for GLAAD
     Top Stories

    RUGBY RUGBY
    The Waratahs will be without their captain for the run in to the Super Rugby playoffs More...


    BUSINESS BUSINESS
    A High Court judge has frozen nearly 70 million dollars in New Zealand bank accounts following an investigation into an alleged pyramid scheme More...



     Today's News

    Cricket:
    Australia's ODI whitewash defeat to England a stark warning their World Cup defence is in peril 19:47

    Business:
    A High Court judge has frozen nearly 70 million dollars in New Zealand bank accounts following an investigation into an alleged pyramid scheme 18:57

    Sailing:
    Blair Tuke is ready to return home 18:37

    Rugby:
    The Waratahs will be without their captain for the run in to the Super Rugby playoffs 18:07

    Rugby:
    The news keeps getting better for Brodie Retallick 17:27

    International:
    The 29 countries that approve of Trump over Obama 17:07

    Environment:
    The weekend's snowfall has completely re-blanketed The Remarkables and Coronet Peak ski fields in Queenstown 16:57

    Accident and Emergency:
    Police have identified a body found in the Coromandel bush on Saturday as missing man Shannon Earle Makowharemaihihi 16:17

    Soccer:
    World Cup: Charming Kazan warms to the Socceroos and Australian fans 15:27

    Law and Order:
    Queenstown police are looking for two men involved in an assault early Thursday morning 15:27


     News Search






    Power Search


    © 2018 New Zealand City Ltd