Weinstein Co. Close to Sale for Less Than $500 Million

By Christine Zosche 

Weinstein Co. is nearing the end of a sale process in which the embattled independent film studio could go for less than $500 million and its shareholders may lose all of their equity, said people close to the discussions. (WSJ)

This would almost certainly mean that the world’s largest adverting company, WPP, will no longer own any portion of the film business founded by accused sexual predator Harvey Weinstein and his brother. (AgencySpy)

Weinstein Co. has closed its bidding process and winnowed potential buyers to about a half dozen, according to knowledgeable insiders. However, it is still unclear which of the prospective suitors will emerge with the beleaguered indie studio. (Variety)

Early efforts to raise emergency financing for the Weinstein Co. from potential investors including Colony Capital fell through, but the company bought some time when it sold its North American distribution rights for Paddington 2 to Warner Bros. Warner Bros. releases the family sequel Jan. 12. Investment bank Moelis & Co. is leading the process to sell Weinstein Co. (LA Times / Company Town)