The Weinstein Company has released a statement that it has entered into a preliminary deal with the U.S. equity firm Colony Capital. The Weinstein Company is co-owned by Harvey Weinstein, the producer who has made headlines for his alleged sexual harassment.
In light of the allegations, Mr. Weinstein lost his seat on the board of the company at the start of October. He was also expelled by the organization that holds control over the Oscars.
The Hollywood mega producer has stated time and again that the sexual relations he indulged in were purely consensual. However, accusations made by a number of top actresses around the world stand as refutations to his claims.
Currently, police in London and New York are involved in investigation of the allegations made against Weinstein. The repeated negative exposure has managed to affect the company that Weinstein co-founded.
To combat its diminishing appeal, The Weinstein Company has stated that it is currently in talks with Colony Capital.
The sale, if made, would cover some or all of the company. Colony has also agreed to provide some immediate financial relief to the battle worn company.
Speaking about the financial aid, Tarak Ben Ammar, a board member of The Weinstein Company said that the funds would “help stabilize the company’s current operations”.
Colony Capital already has some history with purchasing goods that have the Weinstein mark. In 2010, the company purchased Miramax, a film production company that was founded by Harvey Weinstein and his brother Bob Weinstein.
Colony Capital has also worked with The Weinstein Company to develop the film libraries of both firms for platforms that include Netflix, Amazon, and Apple.
Commenting on the sale, Colony Capital’s founder Thomas J Barrack Jr. stated that the company was pleased to invest in The Weinstein Company and that they hoped to “help it move forward”.