Weinstein Co. has managed to ink a deal amid the chaos resulting from allegations that its co-founder Harvey Weinstein sexually harassed several actresses featured in films his company produced.
Colony Capital, the private-equity arm of Thomas Barrack’s Colony NorthStar, has agreed to make an immediate investment in the movie studio, according to a statement Monday from Weinstein Co. The firms are also negotiating a potential sale of all or part of the film company, Weinstein Co. said.
The news comes nearly two weeks after The New York Times published a report on the company’s founder, Harvey Weinstein, that exposed decades of alleged sexual harassment. Three days later, on October 8, the New York Times reported that the company ousted Weinstein.
Owen Blicksilver Public Relations’ Kristin Celauro, who is the media contact named on the Weinstein Co.’s announcement Monday, declined to comment beyond the company statement.
The movie studio did not disclose the size of the investment from Colony Capital.
“We believe that Colony’s investment and sponsorship will help stabilize the company’s current operations, as well as provide comfort to our critical distribution, production and talent partners around the world,” Tarak Ben Ammar, a board member at Weinstein Co. said in the statement.
This isn’t Colony Capital’s first encounter with the Weinstein family. In 2010, the private-equity firm bought Miramax, the Weinstein Co.’s predecessor founded by Harvey Weinstein and his brother Bob, from Walt Disney, according to the statement. Qatar-based beIN Media Group said last year that it acquired all of Miramax.
“The company has substantial value and growth potential, and we look forward to working with the company’s critical strategic distribution and production partners to help preserve and create value for all stakeholders, including its employees,” Barrack, Colony Capital’s founder and chairman, said in the Weinstein Co. statement. “We will help return the company to its rightful iconic position in the independent film and television industry.”