Maria Contreras-Sweet-Led Group In Exclusive Negotiations To Acquire Assets Of The Weinstein Company
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EXCLUSIVE: It looks like the employees, assets and projects of old The Weinstein Company will get a new lease on life. According to sources, the bid from a group led by Maria Contreras-Sweet has entered into exclusive negotiations to acquire the company that plunged into darkness after the scandalous revelations about its leader, Harvey Weinstein.
Contreras-Sweet, former head of the U.S. Small Business Administration for the Obama administration, furnished what sources described as a pre-emptive proposal, in which the majority of the deal points have been agreed upon. The deal is expected to close within seven to 10 days, sources say.
A new company, under a new banner and with a board led by women, will purchase the assets of the old Weinstein Co. Ron Burkle’s Yucaipa Enterprises and Lantern Capital are minority partners in the bid, sources said. Other bidders including Miramax owner beIN, Lionsgate and Killer Content are being told now.
The deal marks a completed Hail Mary pass for the company that includes a victim’s fund and envisions keeping the majority of the employees and repaying all vendors. The board and Bob Weinstein were helpful in the discussions and in ensuring the best possible outcome from a difficult situation.