July 2 Privately held Weinstein Company is looking to spin off its television division into a separate company, seven months after the film studio decided to expand that business, the New York Times reported.
The division could be either sold to a strategic partner or taken public, the newspaper said. (nyti.ms/1iXKa61)
Harvey Weinstein, Hollywood movie producer and co-chairman of the independent studio, confirmed to the New York Times that he was exploring the spinoff, but declined to discuss details, the report said.
"It's not about needing anything," Weinstein told the paper over telephone on Wednesday. "If anything, we're in the best financial shape of our lives," he added.
However, people briefed on the plan told the paper that Weinstein was seeking cash to finance a major expansion that could include one or more new television channels.
The Weinstein Company, which was founded in 2005, is best known for its low-budget, critically acclaimed films, such as Oscar-winner "The King's Speech" in 2010 "The Artist" in 2011.
Reuters could not immediately reach Weinstein Co for comment outside regular business hours. (Reporting by Aurindom Mukherjee in Bangalore; Editing by Gopakumar Warrier)