Weinstein company in talks over possible sale
The board of the Weinstein company, which was co-founded by Harvey Weinstein, is in talks over a possible sale.
Following the revelations about its co-founder, the group said it has entered into a preliminary agreement with US private equity firm Colony Capital over a possible sale of all, or significant part of, its assets.
The future of the company is uncertain after film producer Harvey Weinstein was accused of sexual harassment and assault. He was subsequently fired from the board of his company.
In a statement, board member Tarak Ben Ammar said: "We believe that Colony's investment and sponsorship will help stabilise the Company's current operations, as well as provide comfort to our critical distribution, production and talent partners around the world."
The Weinstein Company was founded in 2005 and has produced many box office hits and award-winning films including Shakespeare in Love and The King's Speech.
On Saturday, the Academy of Motion Picture Arts and Sciences expelled Harvey Weinstein.
Colony Capital previously owned film production company Miramax, which was also co-founded founded by Harvey Weinstein and his brother Bob Weinstein. The private equity firm bought it from Disney in 2010 and sold it to a Qatari broadcaster called BeIn Media last year.
Independent News Service