It means owners will essentially gain nothing from the sale
The Weinstein Company is reportedly in the midst of being sold, with six potential buyers showing interest.
According to The Wall Street Journal it’s set to sell for $500 million, with most of the funds – a reported $250 million – going towards legal fees.
The six potential buyers include a group led by businesswoman Maria Contreras-Sweet; production company Killer Content working with philanthropist Abigail Disney; studio Lions Gate Entertainment Corp.; and investment firms Vine Alternative Investments and Shamrock Capital Investments.
Harvey Weinstein left the company last year after an extensive outpouring of allegations including rape and sexual assault from scores of women in both America and the UK. He “unequivocally denies” any allegations of non-consensual sex.
Meanwhile, Rose McGowan will be the subject of a new five-part documentary series. The actor was one of the first women in Hollywood to make allegations of sexual misconduct against Harvey Weinstein.
Citizen Rose will follow McGowan’s recent life, and will be produced by the actor, who will also star in the series. “You are formally invited into my mind and world,” McGowan said, announcing the series. “I am thrilled to partner with E! to amplify my message of bravery, art, joy, and survival.
“As I ready my book, Brave, I realised I wanted to show how we can heal through art even when being hounded by evil. I want to have a conversation with everyone, and most especially, you, about looking at things differently and seeing beauty everywhere. E!’s tremendous reach and impressive platform allow me to globally communicate the importance of living a brave life.”