New York Times Co. Sues Weinstein

New York Times Co. sued the Weinstein Company over unpaid bills of print advertisements, which ran in the national and New York editions of newspaper on December 6. The Times outlined the film studio failed to pay $229,567.68 for advertisements of films such as “Tulip Fever”, “Leap!”, and “Wind River”.

A legal complaint was filed in the New York State Supreme Court. It is not usual that The Times has taken the legal course to recover money from advertisers. The news company has filed 27 lawsuits so far in 2017.

“This is routine business, being handled in the normal manner,” The Times said in a statement.

However, the spokesperson of the Weinstein Company refused to comment on the matter.

The Times filed the complaint after publishing report on its investigation on sexual harassment charges against Harvey Weinstein, the co-founder of Weinstein Co. He was asked to leave the company after The Times’ allegations in October.

Weinstein Co. has been striving to avoid bankruptcy since the allegations against Mr. Weinstein came out. Colony Capital, an equity firm headed by Thomas Barrack Jr., decided to buy the Weinstein Company, but the talks about the deal turned futile in November.

As the company is on the verge of bankruptcy, it sold distribution rights of the sequel of its 2015 animated film “Paddington 2” to Warner Bros. for $32 million.

It is interesting to see how Weinstein Co. would respond to the lawsuit and clear off its dues.

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