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Weinstein Co. Considers Potential Sale to Colony Capital

Weinstein Co. Considers Potential Sale to Colony Capital
(The Weinstein Company)

By    |   Monday, 16 October 2017 10:21 AM

Weinstein Co., reeling after firing its co-founder Harvey Weinstein amid sexual assault and harassment allegations, is in talks with Colony Capital over a potential sale of the company’s assets.

Colony Capital, founded by Tom Barrack, has provided an immediate infusion of cash into the film studio, according to a statement Monday. No other details of the talks were announced, Bloomberg reported.

“We believe that Colony’s investment and sponsorship will help stabilize the company’s current operations,” Weinstein board member Tarak Ben Ammar said in the statement.

“We will help return the company to its rightful iconic position in the independent film and television industry,” said Barrack.

The Weinstein Company's co-chairman, Bob Weinstein, over the weekend denied a Wall Street Journal report that the company was seeking to sell or shut down the company after his partner Harvey Weinstein was fired following reports of sexual harassment allegations.

The Journal reported the movie studio, responsible for films like "Shakespeare in Love" and "Gangs of New York," is exploring a sale or shutdown and is unlikely to continue as an independent entity.

The New Yorker magazine has reported that 13 women have claimed that movie producer Harvey Weinstein sexually harassed or assaulted them.

The Weinstein Co fired co-chairman Harvey Weinstein, following a report of sexual harassment allegations against the executive by the New York Times.

The board previously had been considering appointing co-chairman Bob Weinstein, Harvey Weinstein's brother, and President David Glasser to continue operating Weinstein Co with a new name, but that plan is no longer on the table, according to the Wall Street Journal.

The scandal's fallout has been swift, with Harvey Weinstein issuing a lengthy and seemingly tone-deaf apology while losing various honors. The Academy of Motion Picture Arts and Sciences has revoked his membership, the Associated Press reported.

(Newsmax wires services Reuters and Bloomberg contributed to this report).

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The Weinstein Company has entered talks for a sale of the bulk of its assets with private equity firm Colony Capital, the two companies said in a statement on Monday.
weinstein, company, sale, private, equity, colony capital
Monday, 16 October 2017 10:21 AM
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