The agreement means the WEintein company will be run by a mostly female board, including businesswoman Maria Contreras-Sweet.
A group led by Contreras-Sweet and including Soho House's billionaire backer Ron Burkle will pay $500m (£363m) for the company's assets, including $90m towards a victims' compensation fund.
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The owners will launch a new company. Carreras-Sweet said it would have "a new board and a new vision that embodies the principles that we have stood by since we began this process last fall".
The deal includes a library of 277 films, and could save as many as 150 jobs as employees are invted to join the new business.
Contreras-Sweet, who had responsibility for small businesses in Barack Obama's administration, also said the move would protect small businesses which are owed money.
The last-minute arrangement came after the Weinstein Company said it would file for bankruptcy. It has been on the edge since allegations of rape and assault against Weinstein emerged, facing multiple lawsuits. Goldman Sachs completely wrote off its stake in the comapny.
Harvey Weinstein will not benefit financially from the sale.
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The Weinstein Company is expected to file of bankruptcy. The film studio was in talks to sell its assets to an investor group for $500 million but the deal fell through after the NY Attorney General filed a lawsuit against the company for allegedly failing to protect staff from Harvey Weinstein. In a...
The Weinstein Company Board of Directors confirmed the deal late on Thursday, saying it "provides a clear path for compensation for victims and protects the... Firstpost - Entertainment
Maria Contreras-Sweet, a former official in the Obama administration, said Thursday that she had reached a deal to buy assets from Harvey Weinstein's embattled... MailOnline - Front PageAlso reported by •France 24 •Reuters •Reuters India
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The Weinstein Company board of directors’ shocking decision to shut down a $500 million sale offer and pursue a bankruptcy plan means dozens of Harvey Weinstein’s accusers may never see a dime from.. Source: Wochit -
After last ditch talks to sell off their assets collapsed, the Weinstein Company's board of directors are expected to file for bankruptcy. A report from the Los Angeles Times indicated the board.. Source: Wochit Business -
The world-famous film studio - which was co-founded by disgraced movie producer Harvey Weinstein - is set to file for bankruptcy after negotiations to sell its assets to an investor group collapsed. Source: SplashNews -
Feb.26 -- Bloomberg's Anousha Sakoui says that the Weinstein Company will file for bankruptcy after a deal collapsed with investors led by Maria Contreras-Sweet and Ron Burkle. She joins Vonnie Quinn.. Source: Bloomberg Global Business -
Harvey Weinstein
Barack Obama
Disgraced Hollywood executive Harvey Weinstein's company has reached a deal to sell most of its assets to a group of investors.
