Weinstein Company, Mired in Sex Scandal, May Be Up For Sale
The company said Monday that it will receive an immediate cash infusion from Colony Capital and is in negotiations for the potential sale of all or a significant portion of the company.
Harvey Weinstein (Image courtesy: AP Photo)
New York: The Weinstein Co., mired in a sex scandal, may be putting itself up for sale.
The company said Monday that it will receive an immediate cash infusion from Colony Capital and is in negotiations for the potential sale of all or a significant portion of the company responsible for producing films such as "Django Unchained," ''The Hateful Eight" and "Lion."
Colony Capital, the private-equity arm of Colony NorthStar, was founded by Thomas Barrack, a close adviser to President Donald Trump. Barrack chaired Trump's presidential inaugural committee.
Co-founder Harvey Weinstein was fired by the company last week following allegations of sexual harassment and assault. The allegations span decades and include many of the film industry's leading actresses.
The fallout has been swift after Weinstein issued a lengthy and seemingly tone-deaf apology. The Academy of Motion Picture Arts and Sciences has revoked his membership as has the British Academy of Film and Television Arts.
Amazon Studios, the growing film arm of Amazon, cut ties with the Weinstein company last week. Showtime has threatened to pull out of an Oliver Stone drama in development, "Guantanamo," because Weinstein Co. is a producer.
Law enforcement in the US and Europe are taking a new look at past allegations.
Word of a potential sale comes just three days after Bob Weinstein, Harvey's brother, said that selling the company was not an option.
"We are pleased to invest in The Weinstein Company and to help it move forward," Colony said Monday. "We will help return the company to its rightful iconic position in the independent film and television industry."
The list of women alleging harassment and assault by Harvey Weinstein continues to grow. More than 30 women, including actresses Angelina Jolie, Ashley Judd and Gwyneth Paltrow — have spoken out.
Get the best of News18 delivered to your inbox - subscribe to News18 Daybreak. Follow News18.com on Twitter, Instagram, Facebook, TikTok and on YouTube, and stay in the know with what's happening in the world around you – in real time.
Subscribe to Moneycontrol Pro and gain access to curated markets data, trading recommendations, equity analysis, investment ideas, insights from market gurus and much more. Get Moneycontrol PRO for 1 year at price of 3 months. Use code FREEDOM.
Recommended For You
- Spotify Premium Now Available With 3 Months of Free Access for New Users
- Hardik Pandya Turns Showstopper at Lakme Fashion Week
- Jemimah Rodrigues Impresses Yorkshire Teammates With Impromptu Concert
- Kia Seltos Launched in India, Gets Special Twitter Icon as a Red SUV
- Woman Abandoned by Boyfriend on a Road Trip Assumed She was Being Pranked