Harvey Weinstein's movie company has been bought at the last minute
The Weinstein Company has been saved from bankruptcy at the last minute.
Harvey Weinstein’s movie company has struggled ever since he was accused of rape and sexual assault by numerous women. Weinstein has “unequivocally denied” all claims, but is being investigated by police over the allegations.
Weinstein originally founded the firm in 2005, alongside his brother Bob.
Earlier this week, the company was expected to file for bankruptcy after talks to sell the troubled company’s assets fell through.
It’s now been reported that an investor group backed by Maria Contreras-Sweet and billionaire Ron Burkle has agreed to purchase the company for $500m (£360m).
Speaking in a statement, The Weinstein Company said: “We are pleased to announce that we have entered into an agreement to sell the assets of The Weinstein Company to an investor group led by Maria Contreras-Sweet and Ron Burkle. The deal provides a clear path for compensation for victims and protects the jobs of our employees.”
“We greatly appreciate the efforts of Attorney General Schneiderman and his staff, Maria Contreras-Sweet, Ron Burkle and his team at Yucaipa for bringing about this agreement. We consider this to be a positive outcome under what have been incredibly difficult circumstances.”
According to The Hollywood Reporter, Contreras-Sweet said her involvement in the purchase of the company was inspired by the #MeToo movement and that she intends to install a female-majority board. The buying process will take 30-40 days.