February 11, 2018
The Weinstein Company Sale Might Not Go Through Due to New York Attorney General
The Weinstein Company’s future has been in doubt since late last year, when the first wave of allegations against Harvey Weinstein were made public. A number of potential buyers have emerged in the months since, including one involving indie stalwart and Killer Films co-founder Christine Vachon, but now Variety reports that the current frontrunner has hit a snag involving the New York attorney general.
Maria Contreras-Sweet is the head of an investor group that has been in negotiations to buy TWC for $500 million, which includes $225 million in assumed debt. Though the deal could have been made official as early as today, the fact that David Glasser — a former right-hand man of Weinstein’s — would become CEO of the new entity has raised attention from AG Eric Schneiderman.
According to Variety, Schneiderman’s office “has come to believe that [Glasser] failed to protect employees from Weinstein’s sexual misconduct. The office has also raised concerns with the new ownership group about whether a proposed victims’ fund would provide adequate compensation.”
Schneiderman would reportedly require that certain conditions be met if this sale were to go through, which the investors group would likely object to.
Source: IndieWire film