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Friday, 2 March 2018

Distressed Weinstein Company is Finally Sold

Distressed Weinstein Company is Finally Sold

The Weinstein Company founded by Harvey and Bob Weinstein, has been saved from collapse as it has been bought .



On Thursday, an investment team led by billionaire Ron Burkle and businesswoman/former Obama administration cabinet member Maria Contreras-Sweet announced it had bought the distressed movie studio for an undisclosed sum, according to a Deadline.

Although the TWC board has yet to confirm the sale has been accepted, the transaction would save the company from staving off the need to file chapter 11. The new investors said in a statement:

Our team is pleased to announce we have taken an important step and have reached an agreement to purchase assets from The Weinstein Company in order to launch a new company, with a new board and a new vision that embodies the principals that we have stood by since we began this process this fall.

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