Miramax parent company beIN Media Group enters fray to buy the embattled Weinstein Co

Harvey and Bob Weinstein, who co-founded Weinstein Co, have been trying to steer the company towards a deal with Miramax, the Los Angeles Times said.

Reuters January 17, 2018 15:38:39 IST
Miramax parent company beIN Media Group enters fray to buy the embattled Weinstein Co

An attempt by Qatar-owned film company Miramax to buy Weinstein Co. has complicated plans to sell the studio to a group of investors led by former Obama administration official Maria Contreras-Sweet, the Los Angeles Times reported on Tuesday, citing people familiar with the matter.

In November, Contreras-Sweet put together a consortium of investors who offered $275 million for The Weinstein Co.

Miramax parent company beIN Media Group enters fray to buy the embattled Weinstein Co

Harvey Weinstein. Image from AP

But Harvey and Bob Weinstein, who co-founded Weinstein Co. in 2005 and own about 46 percent of the business, have been trying to steer the company towards a deal with Miramax, the Los Angeles Times said.

Miramax is owned by the Qatar-based beIn Media Group.

The Weinstein Company has been looking for a buyer or rescue financing since last fall as the studio continues to grapple with the fallout of sexual harassment allegations against former co-chairman, Harvey Weinstein, who left the company three months ago.

The company’s investment bankers at Moelis & Co have been focused on an outright sale, rather than a debt restructuring or bankruptcy.

On Monday, Killer Content Inc, the movie producer that has partnered with philanthropist Abigail Disney in a consortium vying to acquire the Weinstein Company, said a bankruptcy may be the best way forward for the embattled US film and TV studio.

Both Miramax and Weinstein Co could not be immediately reached for a comment.

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