The Weinstein Company has reached an agreement with private equity firm Colony Capital over the potential sale of part or all of its assets.
According to a statement, Colony will make an “immediate capital infusion” into the troubled company, which has been rocked by the allegations of sexual harassment made against founder Harvey Weinstein.
The founder and executive chairman of Colony Capital, Thomas J. Barrack, Jr., said: “We are pleased to invest in The Weinstein Company and to help it move forward.
“We believe 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.
“We will help return the Company to its rightful iconic position in the independent film and television industry.”
Tarak Ben Ammar, a Weinstein Company board member, said: “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. Colony’s successful experience and track record in media and entertainment will be invaluable to the Company as we move forward.”
Founder Harvey Weinstein was fired by TWC on 8 October.