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The offer would assume all liabilities related
to the business operations, inject new cash and pay down
liabilities on the balance sheet, according to the source, who
added that the new company would be led by a majority-female
board of directors and team of investors. The company has $375
million in debt.
The Wall Street Journal first reported the talks on Tuesday and
that the company could be sold for around $500 million, citing
people close to the negotiations. (http://on.wsj.com/2Bop76v)
The Weinstein Company has been looking for a buyer or rescue
financing since late last year after accusations of sexual
harassment against its former co-chairman, Harvey Weinstein. The
company fired him in October following the allegations.
In November, Contreras-Sweet assembled a consortium of investors
who offered $275 million for company.
Another source familiar with the talks told Reuters on Tuesday
that the offer had been improved from the earlier one.
Earlier in January, Killer Content Inc, the movie producer that
has partnered with philanthropist Abigail Disney in a consortium
vying to acquire the Weinstein Company, said a bankruptcy may be
the best way forward for the company.
Lions Gate Entertainment Corp <LGFa.N> has also made an offer
for some of the company's assets, as has Qatar-owned film
company Miramax, originally founded by Harvey Weinstein and his
brother Bob Weinstein.
(Reporting by Jessica DiNapoli in New York and Arunima Banerjee
in Bengaluru)
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