Friday, March 23, 2018

Buyers strike 'potential deal' to save Weinstein Co. from bankruptcy

Group of investors agreed to purchase Weinstein Co. assets ‘in order to launch a new company’

The Associated Press
Posted: Mar 01, 2018 7:25 PM ET
Last Updated: Mar 01, 2018 7:26 PM ET

A group of investors says it has revived a deal to buy assets of the Weinstein Co., potentially saving the beleaguered studio from bankruptcy.

The announcement Thursday came just four days after the Weinstein Co. announced it was pulling out of the sale and would file for bankruptcy protection. However, the buyers and the company soon resumed talks, along with New York state Attorney General Eric Schneiderman, who had filed a lawsuit that threw a wrench in the deal.

Businesswoman Maria Contreras-Sweet is leading the investors’ group. She says in a statement that her group “has reached an agreement to purchase assets from The Weinstein Company in order to launch a new company.”

Contreras-Sweet called it “potential deal.” It was unclear when it might be signed.

Now-disgraced movie mogul Harvey Weinstein co-founded the company in 2005. He was fired last October after accusations surfaced of sexual assault and harassment by dozens of women, but he has denied all allegations

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