The flailing Weinstein Co. may have a buyer.
On Monday the movie and TV studio announced a financing deal with Colony Capital that will help it stay afloat.
Weinstein Co. said it is negotiating with Colony Capital “for a potential sale of all or a significant portion of the company’s assets.”
For the past eleven days the company has been dragged down by co-founder Harvey Weinstein’s sexual misconduct scandal. Weinstein was fired by the board on October 8, three days after a New York Times investigation detailed a decades-long pattern of alleged harassment.
The company did not disclose the amount of the “immediate capital infusion.” The move was announced by one of the company’s three remaining board members, Tarak Ben Ammar, “on behalf of the board.”
“We believe that Colony’s investment and sponsorship will help stabilize the Company’s current operations, as well as provide comfort to our critical distribution, production and talent partners around the world. Colony’s successful experience and track record in media and entertainment will be invaluable to the Company as we move forward,” he
As a result of the Harvey Weinstein scandal, there have been widespread doubts in Hollywood about Weinstein Co.’s future as a standalone company.
A senior executive source said over the weekend that the company is in a state of corporate limbo.
The Weinstein Co. produces popular TV shows like “Project Runway” and films like “Lion.” The company’s next film, “The Current War,” was supposed to come out in November, but it has now been delayed to early 2018.