Weinstein Co. Is Close to Court-Supervised Sale to Lantern
By and-
Dallas-based company was part of previous suitor group
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Process could allow other possible bidders to return
Weinstein Co. may be sold to Dallas-based Lantern Asset Management in a court-supervised bankruptcy sale, according to people familiar with the matter.
Moelis & Co., adviser to the board of the troubled film and TV company, is close to a deal with the fund, which previously backed an unsuccessful out-of-court bid by Maria Contreras-Sweet, the former Small Business Administration chief, said the people, who asked not to be identified because the talks aren’t public. The filing could come as soon as Monday.
An agreement would set off a process that could allow rival bidders to top Lantern’s offer, according to the people. Lions Gate Entertainment Corp. and Miramax had previously expressed interest in the company. Plans are to keep the company intact through sale, the people said.
Weinstein owns a film library that includes high profile hits such as “Django Unchained.” The developments were reported earlier by Deadline.com, which said the court filing may take place in Delaware.
The company fell into financial distress after co-founder Harvey Weinstein was driven from his post following allegations of sexual misconduct. He’s denied allegations of non-consensual sex.