Tuesday, April 23, 2024

Sale of Weinstein Company Now Impeded by AG’s Lawsuit, Proposed $500 Mil Deal Up in Smoke

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The proposed $500 million sale of the Weinstein Company looks like it’s gone up in smoke. NY Attorney General Schneiderman filed suit against TWC today as the sale was coming to the finish line. A group of investors led by former Small Business Administration head Maria Contreras-Sweet is now halted in its tracks.

After filing suit, Schneiderman Tweeted: “Any sale of the company must ensure victims are adequately compensated, employees are protected, and that enablers of sexual misconduct will not be unjustly enriched.”

Schneiderman according to reports was concerned that TWC president David Glasser would continue as president of the new, still to named company. Many of the TWC employees were also going to stay on even though Contreras-Sweet had started her bid calling for a clean sweep and all women running the shop. She caved pretty quickly when she realized she didn’t know what she was doing, had no experience running a film studio.

So now what? Who knows? Stay tuned…

Roger Friedman
Roger Friedmanhttps://www.showbiz411.com
Roger Friedman began his Showbiz411 column in April 2009 after 10 years with Fox News, where he created the Fox411 column. His movie reviews are carried by Rotten Tomatoes, and he is a member of both the movie and TV branches of the Critics Choice Awards. His articles have appeared in dozens of publications over the years including New York Magazine, where he wrote the Intelligencer column in the mid 90s and covered the OJ Simpson trial, and Fox News (when it wasn't so crazy) where he covered Michael Jackson. He is also the writer and co-producer of "Only the Strong Survive," a selection of the Cannes, Sundance, and Telluride Film festivals, directed by DA Pennebaker and Chris Hegedus.
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