A Female-Led Investor Group Purchased The Weinstein Company for $500 Million USD

Harvey Weinstein’s ailing company took drastic steps to avoid bankruptcy.

By
Entertainment
22,499 Hypes 30 Comments

Finalizing a bid made back in November, Maria Contreras-Sweet has led a group of investors in the $500 million USD purchase of The Weinstein Company. After the fall of disgraced executive Harvey Weinstein, the company was on the brink of bankruptcy — it will now undergo a substantial overhaul.

The deal was initiated by Contreras-Sweet, an Obama-era Small Business Administrator, with the backing of billionaire investor Ron Burkle. After a series of mishaps in January, the deal has finally been closed, with buyers taking on existing debt to the tune of $225 million and paying out $275 million in equity. Known for films like Inglourious Basterds, Silver Linings Playbook, Paddington and later iterations of the Scary Movie series, The Weinstein Company will be reshaped with an all-female board of directors, a $90 million USD compensation fund for Weinstein’s victims and a new name — sources suggest the company may rebrand as “Wonder Hill.”

No word on the company’s upcoming film or distribution plans, as it’s currently focused on working through the transition. Most recently, Uma Thurman opened up about being victimized by Weinstein, which Kill Bill director Quentin Tarantino later expounded upon.

Read Full Article
Source
Slashfilm

Join Our Discussions on Discord

The HYPEBEAST Discord Server is a community where conversations on cultural topics can be taken further.

624 Users Online

What to Read Next

Tame Impala’s Jay Watson Shares Song, "The Blue Marble"
Music

Tame Impala’s Jay Watson Shares Song, "The Blue Marble"

Take a listen now.

Toyota Invests $2.8 Billion USD to Develop Self-Driving Cars
Automotive

Toyota Invests $2.8 Billion USD to Develop Self-Driving Cars

The company looks to develop commercially viable autonomous vehicles.

DJI's "Spark" Mini Drone Can be Controlled by Hand Gestures
Tech

DJI's "Spark" Mini Drone Can be Controlled by Hand Gestures

You can stop pretending to use the Force.


Superorganism's Self-Titled Debut Is Here
Music

Superorganism's Self-Titled Debut Is Here

Live from London.

tobi lou Declares His Love for Sailor Moon in New Video
Music

tobi lou Declares His Love for Sailor Moon in New Video

Watch his new visuals for “SAILOR” here.

Hi-Tec HTS74 Launches an '80s-Inspired Spring/Summer 2018 Campaign
Fashion

Hi-Tec HTS74 Launches an '80s-Inspired Spring/Summer 2018 Campaign

Introducing the all-new Neon Shadow silhouette.

More ▾
 
Subscribe to our Newsletter

Gain access to exclusive interviews with industry creatives, think pieces, trend forecasts, guides and more.

By subscribing, you agree to our Terms of Use and Privacy Policy.

Help us serve you better

We appreciate your support in allowing HYPEBEAST ads, where we can share contents from the latest fashion, to those culturally relevant. In adding HYPEBEAST to your ad blocker's whitelist, ads on our sites will show while you continue to browse.