Weinstein Company Agrees to a Rescue Investment From Colony Capital
- 7 years ago
Weinstein Company Agrees to a Rescue Investment From Colony Capital
“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,” Tarak Ben Ammar, a Weinstein Company board member, said in the statement.
The move, struck early on Monday, provides the Weinstein Company with some breathing room as it grapples with a host of problems
that have arisen since and The New Yorker revealed sexual harassment and rape allegations against Mr. Weinstein going back decades.
The Weinstein Company secured a financial lifeline —
and a potential new owner — on Monday from Colony Capital, as the embattled studio reels from the growing scandals surrounding its co-founder, Harvey Weinstein.
The two sides will begin negotiations over selling some or all of the studio’s assets to Colony, which
is led by Thomas J. Barrack Jr., a financier who is one of President Trump’s closest advisers.
In a short statement, the Weinstein Company said that it had a preliminary agreement
from Colony for an immediate cash infusion, though the amount was not disclosed.
“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,” Tarak Ben Ammar, a Weinstein Company board member, said in the statement.
The move, struck early on Monday, provides the Weinstein Company with some breathing room as it grapples with a host of problems
that have arisen since and The New Yorker revealed sexual harassment and rape allegations against Mr. Weinstein going back decades.
The Weinstein Company secured a financial lifeline —
and a potential new owner — on Monday from Colony Capital, as the embattled studio reels from the growing scandals surrounding its co-founder, Harvey Weinstein.
The two sides will begin negotiations over selling some or all of the studio’s assets to Colony, which
is led by Thomas J. Barrack Jr., a financier who is one of President Trump’s closest advisers.
In a short statement, the Weinstein Company said that it had a preliminary agreement
from Colony for an immediate cash infusion, though the amount was not disclosed.