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Weinstein Company close to selling itself for less than $500 million: Report

  • Weinstein Company close to selling itself for less than $500 million, according to Dow Joes and the Wall Street Journal.
  • The board of directors has narrowed down to six bidders including entertainment companies, investment firms and private individuals, WSJ reports.
Harvey Weinstein
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Harvey Weinstein

The Weinstein Company is nearing a deal to sell the company for less than $500 million, sources have told Dow Jones.

The company's board of directors have come up with a list of six potential buyers, including a group led by businesswoman Maria Contreras-Sweet; production company Killer Content and Abigail Disney; Lions Gate Entertainment; and investment firms Vine Alternative Investments and Shamrock Capital Investments, according to the Wall Street Journal.

The Weinstein Company, notable for its award-winning movies and television shows, was rocked by accusations co-founder Harvey Weinstein perpetrated decades of sexual harassment. Weinstein was fired from the company in October.

Half of most potential offers include the assumption of the company's debt, and Weinstein's owners are unlikely to receive cash from the deal the Wall Street Journal reported. Some interested parties only want the studio's television production company and its library of existing films.

The Weinstein Company was not immediately available for comment.