The Weinstein Company may be looking for more than a rebranding as the company has reached a preliminary agreement to sell all or a significant portion of its assets to a private equity firm, the BBC reported Monday.
The movie production studio that disgraced movie mogul Harvey Weinstein founded is looking for an injection of money following countless allegations that Weinstein sexually harassed, assaulted and raped women over his 30 year career. Private equity firm Colony Capital is in the early stages of an agreement to provide “immediate capital infusion” into the beleaguered brand.
“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,” board member Tarak Ben Ammar said, according to the BBC.
The Weinstein Company board of directors fired Weinstein following a report from the New York Times on Oct. 5 that brought many of the allegations to light. Over 50 percent of the all-male Weinstein board has resigned in the wake of the sexual assault scandal.
Colony Capital CEO Thomas J. Barrack Jr. is no stranger to saving beleaguered media ventures. Barrack Jr. bought pop star Michael Jackson’s Neverland Ranch before it became a victim to foreclosure. The financier believes the Weinstein Company still has “substantial value and growth potential,” and he seems confident that the media studio can salvage its damaged image.
“We will help return the Company to its rightful iconic position in the independent film and television industry,” he told BBC.
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