At the beginning of this week, it was reported that negotiations on a $500 million sale of The Weinstein Company failed to materialize, and that they would therefore be declaring bankruptcy. According to the Los Angeles Times, a deal was reached yesterday between TWC and an investment group led by Maria Contreras-Sweet and Ron Burkle. And just like that, The Weinstein Company has been saved! Wait, why is no one cheering and pumping their fists in the air? Oh that’s right, because it’s The Weinstein Company.
After it was announced that Maria and Ron reached a deal to purchase assets of TWC, she released a statement on the sale saying they plan on overhauling and re-launching. Basically, the corporate version of fumigating the roaches out.
“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.”
The new vision includes renaming the company, and installing a new board of directors, the majority of which will be women. About 130 Weinstein Co. employees are believed to be sticking around. It’s not known how much the company sold for, but it was reportedly going for $500 million, with a $225 million in an assumption of debt. One of the worries about the sale was that the board members of TWC would walk away like Rich Uncle Pennybags while employees and victims struggled for compensation. And declaring bankruptcy would have fucked them over further. The current board of TWC swore in a statement that the details of this sale has everyone covered.
“The deal provides a clear path for compensation for victims and protects the jobs of our employees. We consider this to be a positive outcome under what have been incredibly difficult circumstances.”
Maria and Ron have promised a $90 million fund for Harvey Weinstein’s accusers. $40-$50 million of which will be raised by selling off TWC film projects. New York Attorney General Eric Schneiderman, who is currently suing TWC for civil rights violations, had this to say:
“We are pleased to have received express commitments from the parties that the new company will create a real, well-funded victims compensation fund, implement HR policies that will protect all employees, and will not unjustly reward bad actors. We will work with the parties in the weeks ahead to ensure that the parties honor and memorialize these commitments prior to closing.”
The Soon-To-Be Former Weinstein Company sounds a whole hell of a lot better than the original Weinstein Company. All that’s needed now is a fancy presentation to introduce Hollywood to the new Weinstein Company. They just have to choose the right words when they approach people. “I’m from The Weinstein Company and I’d love to invite you to the Beverly Hills Hotel for a…hey, where are you going? No! It’s not like that anymore!”