Maria Contreras-Sweet Group buys The Weinstein Company assets, saves it from bankrupcy
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Friday, March 2, 2018
On Thursday in a meeting at New York Attorney General Eric Schneiderman’s office, Maria Contreras-Sweet Group, a billionaire Ron Burkle, and a number of investors acquired assets of The Weinstein Company (TWC) for US$500 million. The Weinstein Company had financial difficulties and was nearly bankrupt as its CEO Harvey Weinstein was accused of sexual misconduct in November 2017 as well as February this year, which impacted the business budget.
The Weinstein Company board of directors — Tarak Ben Ammar, Lance Maerov and Bob Weinstein — participated in the meeting. Maria Contreras-Sweet Group was represented by Maria Contreras-Sweet and Ron Burkle. The New York Attorney General Eric T. Schneiderman was also in the meeting.
Maria Contreras-Sweet Group agreed to pay The Weinstein Company’s debt, sized at US$255 million, The Rolling Stone reported. The acquisition would save around 150 jobs held at the Weinstein Company. Maria Contreras-Sweet Group announced the deal in the The Hollywood Reporter magazine. A number of media outlets also confirmed the deal by inquiring of The Weinstein Company. The deal was expected to take about 40 days to be completed.
The agreement required Maria Contreras-Sweet Group to protect the jobs of company employees, and establish a victim compensation fund which would reward the victims of the CEO’s alleged sexual misconduct while not rewarding the “bad actors” — people who had contributed to the sexual misconduct. The victim compensation fund would allegedly be US$90 million, Reuters reported.
According to an online news site Deadline, New York Attorney General Eric Schneiderman had filed a lawsuit against The Weinstein Company on February 10 this year. He allegedly said he would settle the lawsuit that he after the deal is finalized.
Maria Contreras-Sweet Group said they would use the assets in creating a new movie studio with a majority-female leadership.
The Weinstein Company previously had intended to file for bankruptcy last Monday as it could not find a buyer that would keep it afloat until the deal would be finalized.
The Weinstein Company was founded in New York City by brothers Bob Weinstein and Harvey Weinstein in 2005.