The Weinstein Company Is Close to Being Sold for Less Than $500 Million
The Weinstein Company‘s future has been in doubt since allegations against Harvey Weinstein first made headlines in October, but its fate now appears to be coming into focus with the news that its owners and board of directors are close to selling the beleaguered company. The Wall Street Journal reports that TWC has six potential buyers, including Killer Content and Lionsgate, and is expected to sell for less than $500 million. Should such a deal go through, the company’s shareholders could lose all of their equity.
The half-dozen finalists are said to have been chosen from approximately 20 who submitted offers last month. Killer Content is an offshoot of Killer Films, the independent production company launched by Christine Vachon and Pamela Koffler in 1995; among their many productions are “Boys Don’t Cry,” “Still Alice,” and “Carol.”
The Weinstein Company was founded by Bob and Harvey Weinstein in 1995, following the brothers’ departure from Miramax Films. Harvey Weinstein was fired in October after being accused of sexual harassment, sexual assault, and rape by dozens of women; he has also been expelled from the Academy and received a lifetime ban from the Producers Guild of America. Weinstein denies the allegations made against him.
