Final curtain nearing for The Weinstein Co.
The Weinstein Co. is getting closer to a sale of the company or its assets as the field of bidders narrows.
Bids for all or parts of the embattled New York movie and television studio were due in December, with the highest offer coming close to $500 million including debt. The Wall Street Journal first reported the $500 million bid.
However, a deal is likely still several weeks away and the company may not sell for that much, said people familiar with the discussions.
Bidders are expected to be able to get a better look at the struggling company’s finances and more thoroughly evaluate the liabilities it is facing after sexual harassment and assault allegations against cofounder Harvey Weinstein.
The company was already challenged financially before the allegations because of a string of films that failed.
Weinstein was fired in October after allegations of sexual harassment were first reported by The New York Times. The mounting accusations have resulted in multiple lawsuits against the producer and the company he founded with his brother, Bob, in 2005.
Those who have made offers include an investor group led by Maria Contreras-Sweet, who headed the Small Business Administration under President Obama.
Killer Content, a New York film production company, teamed with philanthropist Abigail Disney to pursue a bid in partnership with the New York Women’s Foundation.
Santa Monica studio Lions- gate is interested in buying The Weinstein Co.’s assets. Private equity firms Shamrock Capi- tal Advisors and Vine Alternative Investments are interested in its library of content.