Weinstein Company Receives Cash Infusion from Trump Linked Investment Firm
An investment firm linked to Donald Trump has given the Weinstein Company “an immediate cash infusion,” the investment company announced Monday, staving off rumors of a near-imminent collapse.
The Weinstein Company confirmed in a statement that it reached a “preliminary agreement” with Colony Capital, founded by informal Trump advisor Thomas J. Barrack Jr., to keep operations running in the wake of the growing scandal over numerous sexual assault allegations against co-founder Harvey Weinstein. Although the amount wasn’t disclosed, the deal also involved negotiations for Colony to purchase some or all of the Weinstein Company’s assets.
“We are pleased to invest in The Weinstein Company and to help it move forward. We believe the Company has substantial value and growth potential, and we look forward to working with the Company’s critical strategic distribution and production partners to help preserve and create value for all stakeholders, including its employees,” Barrack said in a statement. “We will help return the Company to its rightful iconic position in the independent film and television industry.”
Since Oct. 5, more than 30 women have accused the infamous producer of sexual harassment or assault, and the Academy of Motion Pictures Arts and Sciences voted to expel Weinstein in an emergency meeting Saturday.
The allegations also prompted four members of the Weinstein Company board to resign, and it’s not clear whether key executives like COO David Glasser will stay on. Companies like Amazon have also severed ties. But Bob Weinstein — who works out of the company’s Los Angeles office and specializes in less prestigious but more lucrative titles than his estranged older brother — insisted Friday that the company would survive the scandal in part because “the banks” had promised support.
(Via Vice News)