The Weinstein Co. Looking for $150 Million Loan (Report)
NEW YORK - The Weinstein Co. is looking to raise about $150 million in the form of a loan as the film studio founded by Bob and Harvey Weinstein looks to support its operations and retire debt, Bloomberg News reported.
The amount may change, it cited people familiar with the situation as saying. The new loan would be backed by the company's library.
The funding effort come as the studio received a slew of Oscar nominations for The Artist and My Week With Marilyn after winning the best picture honor last year for The King’s Speech.
Bloomberg said that David Glasser, the Weinstein Co.’s COO, declined to comment. So did a spokeswoman for Union Bank, which the report said is leading the loan discussions.
The Weinstein brothers founded Miramax, sold it to Walt Disney in 1993 and founded TWC after leaving the entertainment giant in 2005.
The studio has in recent years addressed some financial challenges. For example, in 2010, it got rid of debt by transferring a package of around 250 movies to Goldman Sachs and Assured Guaranty. The studio retained control of about 150 titles, including The Reader and Inglourious Basterds.