The Weinstein Co. Board Meets to Consider Bid for Company
A decision could result in the sale of the company or some of its assets.
The board of the beleaguered Weinstein Co. is meeting today to consider bids that have been submitted to acquire the company or some of its assets.
More than a dozen bids have been submitted, according to sources close to the process. They are believed to include offers from Maria Contreras-Sweet, who ran the Small Business Administration under President Barack Obama and who is proposing replacing the existing all-male board with a majority-female board; Killer Content, parent company of longtime indie stalwart Killer Films, which has joined forces with investors that include Abigail Disney and The New York Women’s Foundation; asset-management company Vine Alternative Investments; and Lionsgate. And at least two other companies have made offers for TWC’s television assets.
The board, which includes Lance Maerov and Tarak Ben Ammar, is expected to make a decision over the course of the weekend.
Harvey and Bob Weinstein launched TWC in 2005 after an acrimonious split with Disney that led to them leaving Miramax, where they had churned out commercial hits and Oscar nominees like Clerks, Pulp Fiction, Good Will Hunting and Shakespeare in Love. While the early years at TWC proved successful, with Oscar-winning movies like The Artist and The King's Speech, the company has since hit a box-office drought.
Since October, the New York Times and The New Yorker's exposés charging TWC co-founder Harvey Weinstein with decades' worth of sexual assault and harassment charges have left the future of the company in question. Weinstein was terminated from TWC, although he remains a shareholder.
With Harvey Weinstein’s name becoming toxic, TWC postponed several upcoming releases, such as the period drama The Current War, starring Benedict Cumberbatch. And it sold off the domestic rights to the Paddington sequel to Warner Bros. for a reported $28 million to keep afloat.