Private equity group reaches ‘preliminary agreement’ to buy the Weinstein film company

Private equity group reaches ‘preliminary agreement’ to buy the Weinstein film company 468x60 club cash banner

The Weinstein film company, co-founded by beleaguered Hollywood Moghul Harvey Weinstein, who is facing a number of sexual assault allegations, is on the verge of being bought by a leading private equity company.

Following a litany of salacious allegations about Weinstein’s conduct with female colleagues and executives, the influential producer was ejected from his own company, which was subsequently put up for sale.

In a statement on Monday (16 October), US private equity firm Colony Capital, which specialises in motion picture production assets, said it has reached a preliminary agreement to buy the Weinstein company, which has been behind several Oscar-winning films including The King’s Speech and The Artist.

Colony Capital also said it had agreed to “inject funds immediately” into the company as part of the agreement, adding that: “We believe that Colony’s investment and sponsorship will help stabilise the company’s current operations, as well as provide comfort to our critical distribution, production and talent partners around the world.”

The private equity company fronted by Thomas Barrack Jr presently manages assets worth over $50bn (£37.64bn).

In 2010, Colony Capital bought Miramax, also founded by Harvey Weinstein and his brother Bob Weinstein, from Disney. Since its ownership of Miramax, the PE firm has worked closely with The Weinstein Company, which the brothers set up in 2005.

Barrack Jr, said: “We are pleased to invest in The Weinstein Company and to help it move forward. We will help return the company to its rightful iconic position in the independent film and television industry.”

Police in London and New York are investigating various allegations against Harvey Weinstein.

Source : IBtimes

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