In a last-minute deal, the investment team led by Maria Contreras-Sweet and backed by billionaire Ron Burkle has reached an agreement to acquire The Weinstein Company’s assets with the aim of launching a new, women-led movie studio whose board of directors made up of a majority of women.
The acquisition comes just days after it appeared the studio was destined for bankruptcy, and saves about 150 jobs, protects the small businesses owed money by The Weinstein Company, and creates a fund to compensate victims of sexual harassment and abuse.
Contreras-Sweet acknowledged in a statement that the New York State Attorney General’s office helped in reaching an agreement. New York Attorney General Eric Schneiderman filed a civil rights lawsuit the other week which threatened to derail the $500 million deal but was key in negotiations today to sort out the deal.
The agreement reportedly comes with a 40-day closing period.