The Weinstein Co. Eyeing $370 Million Credit Facility (Report)
Harvey and Bob Weinstein's company is riding a wave of hits at the box office, including "Lee Daniels' The Butler," which has grossed north of $100 million in North America.
The Weinstein Co. is close to raising a new credit facility valued at roughly $370 million that will be used to grow the reach of the independent film company, including acquisition of other ventures or content libraries.
Union Bank is arranging the credit facility, according to a report in The Wall Street Journal.
Harvey and Bob Weinstein's company has been on a roll at the box office thanks to a string of hits, including Lee Daniels' The Butler, which has grossed north of $100 million in North America. The historical drama, starring Forest Whitaker and Oprah Winfrey, has done far better than anticipated and is expected to be a player during awards season.
TWC also enjoyed notable success with David O. Russell's critically acclaimed Silver Linings Playbook and Quentin Tarantino's Django Unchained, both of which earned Oscar nominations for Best Picture during last year's race.
Harvey Weinstein and his team continue to be prolific buyers at various festivals. TWC made a handful of major acquisitions at the Toronto Film Festival earlier this month, striking deals for rights to The Railway Man, starring Colin Firth and Nicole Kidman, John Carney's Can a Song Save Your Life?, and The Disappearance of Eleanor Rigby: Him and Her.
The biggest deal was for Can a Song Save Your Life?, starring Keira Knightley, Mark Ruffalo and Hailee Steinfeld, with TWC paying $7 million for worldwide rights.
TWC chief operating officer David Glasser told the WSJ that the new credit facility won't be used to increase the number of films TWC releases. Glasser is overseas and couldn't be immediately reached for comment.
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