After weeks of rumours, it looks like The Weinstein Company is now close to being sold off for a far smaller amount that many analysts expected.
The Wall Street Journal reported yesterday that the sale of Harvey Weinstein's indie studio is now moving forward with a number of interested parties. The price-tag? $500 million, which would also likely include some significant debts the studio is currently carrying. Some of the names interested in buying up the studio include Lions Gate Entertainment, and a number of female investor groups which include Abigail Disney of the Disney family, and former head of the Small Business Administration Maria Contreras-Sweet.
None of the major studios seemed interest in purchasing Weinstein's beleaguered company, however MGM and Viacom were listed in a report by Variety as potential buyers as late as November of last year. Variety also reported last night that the exact nature of the sale hasn't been finalised; some are looking to buy total control of the company whilst others are only looking to buy up some of the valuable assets - namely, the studio's film library and rights - with the rest being left out to dry for impending lawsuits.
The company took steps almost immediately after news of Weinstein's allegations broke, firing him from the company in the space of three days, however it wasn't enough to stop various producing partners - such as Netflix and Amazon - to cut ties with the company. Meanwhile, films yet to be released by the Weinstein Company - namely, The Current War, with Benedict Cumberbatch and Michael Shannon, remain in doubt if they'll ever see release.
Via Variety
