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22 Sep 2018 12:59
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  •   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


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