Miramax bid for The Weinstein Co. complicates the sale process: LA Times

  • An attempt by Qatar-owned film company Miramax to buy The Weinstein Co. has complicated plans to sell the studio to a group of investors.
  • The group is led by former Obama administration official Maria Contreras-Sweet, the Los Angeles Times reported on Tuesday.
  • In November, Contreras-Sweet put together a consortium of investors who offered $275 million for The Weinstein Co.

An attempt by Qatar-owned film company Miramax to buy The 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.

Harvey Weinstein attends the 'Lion' premiere and opening ceremony of the 12th Zurich Film Festival at Kino Corso on September 22, 2016 in Zurich, Switzerland.
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Harvey Weinstein attends the 'Lion' premiere and opening ceremony of the 12th Zurich Film Festival at Kino Corso on September 22, 2016 in Zurich, Switzerland.

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

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

The Weinstein Co. 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, the movie producer that has partnered with philanthropist Abigail Disney in a consortium vying to acquire The Weinstein Co., said a bankruptcy may be the best way forward for the embattled U.S. film and TV studio.

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