Harvey and Bob Weinsteinhave raised $230.5m in equity for their new venture the Weinstein Co, accordingto a report on financial wire service Bloomberg.
Bloomberg reported that the Weinstein Co. sold shares to 18investors, according to a regulatory filing this week. The Weinsteins are innegotiations with other investors that may increase the financing to $420million as early as next week, Bloomberg added.
The initial funding forWeinstein Co. came from strategic investors such as media companies and adagencies, including the French television broadcaster TF1 and Tarak Ben Ammar,the head of Quinta Communications SA and a director, Bloomberg reported, addingthat the Weinsteins expect to take in the remaining $189.5 million next weekfrom hedge funds and other Wall Street firms.
The involvement of TFI suggests that the broadcaster will be the distributor of choice for Weinstein Co films in France. TFI already distributes Miramax pictures in France via its TFM joint venture. Assuming it continues releasing Miramax films, TFI will therefore release both Miramax and Weinstein Co pictures in France.
The Weinstein brothers, wholeft Disney last month, have spent five months in talks with investors to raisethe money needed to start their new venture.
The Weinstein Co. is raisingequity in stages through Goldman Sachs Group Inc. and also is lining up about$500 million in debt financing.
Weinstein Co. said in theSecurities and Exchange Commission filing that, in addition to makinglive-action and animated films, it will offer cable television services, music,publishing and interactive entertainment.