Harassment auction
Not many expected to bid for Weinstein Co.
P OTENTIAL bidders for The Weinstein Co. are readying their offers to buy the distressed movie studio co-founded by disgraced producer Harvey Weinstein.
Sources told On the Money that only a handful of companies have shown interest, despite reports of more than 20 potential bidders.
Bids are due on Monday at 11 p.m. Stalking-horse bidder Lantern Asset Management has put forth a $425 million offer —$310 million in cash and the assumption of $115 million in liabilities. It is rumored that other interested parties include Lionsgate and Miramax, which was cofounded by Harvey and Bob Weinstein and later sold. Both firms declined to comment. A third, unnamed New York-based group is said to have interest in making a bid, and may put forth a proposal that “takes care of” Weinstein’s victims, a source said.
Other parties have expressed interest in owning pieces of TWC’s library of 277 feature films, which have brought in more than $2 billion, and a host of unreleased movies and TV shows.
But few companies are willing to buy the whole company, which filed for bankruptcy last month after it was plagued by numerous sexual misconduct lawsuits against Harvey Weinstein, an insider told our Alexandra Steigrad.
Following Monday’s deadline, an auction for the assets will take place on May4in NewYork. TWCwill select the highest and best bidder. That bidder will then be approved or denied by a federal court judge in Delaware on May8.
The auction comes after a consortium of investors led by Marie Contreras-Sweet, Weinstein pal Ron Burkle and Lantern fell through.
Contreras-Sweet, who had pledged to appoint a female majority board to TWC, was seen by some in the industry as a front for the BurkleLantern backed deal. Sources wondered why the Dallas-based Lantern, a newcomer to the entertainment space, would want TWCwithout Contreras-Sweet and Burkle involved. Lantern did not comment.
China listing isting
It was an interesting week for STX Entertainment, Robert Simonds monds’ media company. After filing a draft prospectus to list on the HongHong KongKong stock exchange, the CEO was spotted in NewwYorkYork with Alibaba Group President Michael Evans ns.
The duo chattedatted at The Mark Hoteltel on the Upper East Side overr drinks Friday afternoon, our Steigrad reports. STX, which is expected to have an initial public offering of its shares in the coming months, will become thee first US-headquartered Hollywood studio to list in HongHong Kong or China, if accepted.ed.
The meeting between the two execs may hint of a possibleble invest-investment from Alibaba. Both STXandSTXand Alibaba declined to comment.ment.
STX’s draft prospectus reveals JPMorgan and Goldman Sachschs asas sponsors of the share issue.ue. Cur-Currently, STX’s investor basee isis 4040 per-percent from Chinese companies,anies, in-including Tencent and HongKongtele-ngKongtele- comgiant PCCW. Thefirm, whose medium-budget films include ““Bad Moms,” “Molly’s Game” and “The Foreigner,”e Foreigner,” was valued at $1.5 billion last year.year. Post-IPO, STX’s valuation could mushroom toushroomto $$3.5 billion, according to reports.rts.
Pitch-lorette rette
Goldman Sachs is tryingng to tap into America’s reality televisionon crazecraze toto pitch its new consumer loans. oans.
The investment bank has part-partnered with JoJo Fletcher er (pictured), who gained famee onon “The Bachelorette” and will now market the firm’s home renovation loans, the company announced last week. Fletcher was a real estate developer before she gained fame on the ABC Fletche Fletcher will represent the bank’s consumer lending business, Marcus, in a series of promotions ranging from nearly two dozen appearances on local US television stations to posts on her Facebook and Instagram feeds, where she has more than 2 million followers.
Draft status
New York football has two fresh faces as the Jets and Giants both had top three selections in the NFL draft in the first round on Thursday night. On O the Money is already wondering how new Giants running back Saquon Barkley and new Jets quarterback Sam Darnold will fare with Madison Avenue. “Both draft picks will do well in what are considered the ‘tools of the trade’ deals, which include categories like trading cards, footwear, apparel, licensing partnerships and with some that were already in place before the draft,” said ofo 16W Marketing. But Rosner notnoted it’s a crowded field for en- “Saquon and Sam will be competing for endorsement and advertising dollars with the likes Aaron Judge, NNoah Syndergaard, Kristaps and He Henrik Lundqvist. “Not to mention players like Eli Manning and high-profile retired athletes who are still active and visible in the marketplace. Regardless of all the competition, the bottom line is that they need to perform well on the field and help their team win to be a successful product endorser.”