A prospective sale of Harvey Weinstein’s co-founded movie production company is being discussed. Weinstein is the subject of numerous allegations of sexual assault.
According to The Weinstein Company, it has a tentative agreement with US private equity firm Colony Capital.
The board of his firm ousted Mr. Weinstein, 65, earlier this month, and the Oscars organization later kicked him out.
The Hollywood producer believes that the intercourse he had was mutually consenting.
Multiple allegations against Weinstein are being looked into by police in London and New York.
The Weinstein Company has come under a lot of fire as a result of the controversy. The Weinstein Company produced Oscar-winning movies like The King’s Speech and The Artist.
The business claimed to be in discussions with Colony Capital regarding the sale of all or a portion of the business. Colony has also pledged to provide immediate financial support to the troubled company.
The Weinstein Company board member Tarak Ben Ammar stated that the additional funding will “help stabilize the company’s present operations.”
Thomas J. Barrack Jr., who created Colony Capital and is a close friend of President Donald Trump, is already a significant figure in the movie business.
It acquired Miramax from Disney in 2010, another film production firm founded by Harvey Weinstein and his brother Bob Weinstein.
Before selling Miramax last year for an undisclosed sum, it also collaborated with The Weinstein Company on developing the film catalogs of the two companies for platforms including Netflix, Amazon, and Apple.
We are happy to support The Weinstein Company’s growth by investing in it, according to Mr. Barrack Jr.
“We will assist in restoring the organization to its proper iconic status in the independent film and television sector.”
The real estate billionaire served as the chairman of President Trump’s inauguration committee and was a previous business partner. Colony, his private equity business, claims to be managing $56 billion (£42 billion) in assets.
Twelve years after selling Miramax to Disney, the Weinstein brothers founded The Weinstein Company.
Harvey Weinstein claimed last year that The Weinstein Company was debt-free and valued at up to $800 million, including its film library.
But because of the accusations of sexual assault and harassment against Harvey Weinstein, a number of the firm’s partners have severed relations in recent days.
A day after US publisher Hachette Book Group severed its relationship with Weinstein Books, Goldman Sachs announced on Friday that it was looking at options for the little share it currently owns in the business.
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