Harvey Weinstein’s company was sold on Thursday to a group of primarily female investors.
The predominantly female investor group acquired the Weinstein Company in a $500 million agreement, Glamour reported. Billionaire Ron Burkle and former Obama-administration U.S. Small Business Administration head under Maria Contreras-Sweet lead the group. The recent agreement will also save approximately 150 jobs.
“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 Deadline added.
“This next step represents the best possible pathway to support victims and protect employees,” Contreras-Sweet said. The agreement allows for a name change, money for Weinstein’s alleged victim, and plans on creating a new board of directors mainly comprised of females. Conteras-Sweet also noted she has a longstanding commitment to encourage female ownership in businesses, the AV Club reported.
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The deal saved the Weinstein Co., which was expected to file for bankruptcy prior to the investor group agreement, according to the Hollywood Reporter.