January 17, 2018 / 1:20 AM / 2 months ago

Miramax bid for Weinstein Co. complicates sale process: LA Times

(Reuters) - An attempt by Qatar-owned film company Miramax to buy Weinstein Co. has complicated plans to sell the studio to a group of investors led by former Obama administration official Maria Contreras-Sweet, the Los Angeles Times reported on Tuesday, citing people familiar with the matter.

FILE PHOTO: Harvey Weinstein, Co-Chairman of the Weinstein Company, kicks off the Film Finance Circle conference with an informal discussion at the inaugural Middle East International Film Festival in Abu Dhabi, October 15, 2007. REUTERS/Steve Crisp/File Photo

In November, Contreras-Sweet put together a consortium of investors who offered $275 million for The Weinstein Co.

But Harvey and Bob Weinstein, who co-founded Weinstein Co. in 2005 and own about 46 percent of the business, have been trying to steer the company toward a deal with Miramax, the Los Angeles Times said. (lat.ms/2rfbVAU)

The Weinstein Company has been looking for a buyer or rescue financing since last fall as the studio continues to grapple with the fallout of sexual harassment allegations against former co-chairman, Harvey Weinstein, who left the company three months ago.

The company’s investment bankers at Moelis & Co have been focused on an outright sale, rather than a debt restructuring or bankruptcy.

On Monday, Killer Content Inc, the movie producer that has partnered with philanthropist Abigail Disney in a consortium vying to acquire the Weinstein Company, said a bankruptcy may be the best way forward for the embattled U.S. film and TV studio.

Both Miramax and Weinstein Co could not be immediately reached for a comment.

Reporting by John Benny in Bengaluru

0 : 0
  • narrow-browser-and-phone
  • medium-browser-and-portrait-tablet
  • landscape-tablet
  • medium-wide-browser
  • wide-browser-and-larger
  • medium-browser-and-landscape-tablet
  • medium-wide-browser-and-larger
  • above-phone
  • portrait-tablet-and-above
  • above-portrait-tablet
  • landscape-tablet-and-above
  • landscape-tablet-and-medium-wide-browser
  • portrait-tablet-and-below
  • landscape-tablet-and-below