The Weinstein Company in talks on possible sale


The Weinstein in talks with Colony Capital about selling all or a big chunk of the besieged studio to the private equity firm after the movie company has seen its brand blotted by recent accusations that its former co-chairman Harvey Weinstein sexually harassed women over decades.

Harvey Weinstein was sacked from the film and television studio that bears his name on October 8 after dozens of women came forward to accuse him of sexual harassment and three women accused him of rape.

A senior executive source said over the weekend that the company is in a state of corporate limbo.

Founded in 1991 by Thomas Barrack Jr., Colony NorthStar is an investment firm with $56 billion in assets under management.

Barrack's name has been in the news lately because he is a rumored candidate for White House chief of staff. Mr. Barrack had chaired the committee of the presidential inauguration of Donald Trump.

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"As a result of the strike, all academic and apprenticeship programs at Niagara College are suspended and classes are cancelled". Don Sinclair, CEO of the College Employer Council, said the two sides are about $250 million apart annually on a new contract.

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Trump has only publicly commented on the Weinstein scandal once. However, he quickly refuted those reports and said there are no plans to put The Weinstein Company on the market. "I'm not at all surprised to see it".

Weinstein Company, which is known for producing Hollywood blockbusters such as "Django Unchained", also revealed that Colony Capital had already agreed to provide it with an immediate cash injection.

"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", he said. "Colony's successful experience and track record in media and entertainment will be invaluable to the company". Showtime has threatened to withdraw from the project Guantanamo Oliver Stone because the Weinstein Company is part of the producers.

Miramax was founded in 1979 by brothers Bob and Harvey Weinstein, and was a leading independent film motion picture distribution and production company before it was acquired by Disney in 1993. He is exploring legal action against the Weinstein Company for terminating his contract.

He claimed that "business is continuing as usual as the company moves ahead".