The saga over the future of Harvey Weinstein’s once-influential studio took a new and surprising turn Thursday when an investor group said it had reached an agreement to buy the struggling company’s assets, nearly five months after sexual abuse allegations against Weinstein sent the company into a death spiral.
An investor group led by former U.S. Small Business Administration head Maria Contreras-Sweet and billionaire Ron Burkle has reached an agreement in principle to purchase assets of Weinstein Co., the onetime Obama administration official said Thursday. The deal is subject to a 40-day closing period, one person familiar with the matter said.
“Our team is pleased to announce that we have taken an important step and have reached an agreement to purchase assets from The Weinstein Company in order to launch a new company, with a new board and a new vision that embodies the principles that we have stood by since we began this process last fall,” Contreras-Sweet said in a statement.
Promising a new era for Weinstein Co., Contreras-Sweet’s plan would rename the company and install a new board of directors, the majority of which would be composed of women.
Read the full story on LATimes.com.