A group of investors led by Maria Contreras-Sweet, who ran the Small Business Administration under President Barack Obama, reached a deal to buy The Weinstein Company, New York Attorney General Eric Schneiderman confirmed. Contreras-Sweet and her backers, including billionaire investor Ronald Burkle, bid $500 million on the film production company, which included assuming $225 million worth of debt, according to Variety. The deal, which Schneiderman said was reached Thursday, also features an $80-million compensation fund for victims of Weinstein’s harassment and abuse. TWC began sliding toward bankruptcy when its board of directors fired co-founder and chairman Harvey Weinstein in October amid dozens of sexual assault allegations against him. The Weinstein Company, founded in 2005, is behind several blockbuster films and popular TV shows, including “Lion,” “Django Unchained” and “Project Runway.”Contreras-Sweet, a Hollywood outsider and Mexican-American immigrant, reportedly plans to keep the studio’s employees, projects and assets.

Source: Huffington Post March 02, 2018 16:18 UTC