The Weinstein Co. explores possible sale to Colony Capital
— -- The scandal-plagued production company co-founded by Harvey Weinstein is setting itself up for a potential sale.
The Weinstein Co. said Monday it will get an immediate cash infusion from Colony Capital and negotiate with the private equity firm for a potential sale of some or all of the assets down the road.
Harvey Weinstein was fired last week after The New York Times published accounts from several women that detailed three decades’ worth of allegations of sexual misconduct. Since then, many other women have alleged more misdeeds, including sexual assault. Through his spokeswoman, Weinstein has conceded he behaved inappropriately but has "unequivocally denied" having nonconsensual sex.
"Mr. Weinstein has further confirmed that there were never any acts of retaliation against any women for refusing his advances. Mr. Weinstein obviously can’t speak to anonymous allegations, but with respect to any women who have made allegations on the record, Mr. Weinstein believes that all of these relationships were consensual," the spokeswoman told The New Yorker magazine in a statement last week. "Mr. Weinstein has begun counseling, has listened to the community and is pursuing a better path. Mr. Weinstein is hoping that, if he makes enough progress, he will be given a second chance.”
Colony Capital was founded by President Donald Trump’s close friend and confidant Tom Barrack, who chaired Trump’s inaugural committee.
Despite the allegations against Weinstein, Barrack said in a statement the company “has substantial value and growth potential.”
Weinstein Co. board member Tarak Ben Ammar said the cash infusion would “help stabilize the company’s current operations.”
Word of the potential sale lands three days after co-chairman Bob Weinstein claimed that rumors of a sale or shutdown were "untrue." Two days ago, the Academy of Motion Picture Arts and Sciences revoked Harvey Weinstein’s membership as more women came forward with allegations.
