The Weinstein Company is to be bought by private equity firm Lantern Capital Partners.
The Dallas-based company were the default winners of the film studios bankruptcy auction on Monday (30.4.18) after the sale failed to attract any serious bids.
According to The LA Times, the court-supervised auction only attracted scant interest from companies looking to buy The Weinstein Company’s library of films and other assets, but none came close to Lantern Capital’s "stalking horse" offer made in March. This is when a financial company looks to purchase a business that is in trouble, with a view to selling off its assets at a profit.
The lack of bids comes after a series of Hollywood stars launched objections to the sale because they are owed money by TWC.
Meryl Streep and Jennifer Lawrence were among those who filed legal documents raising concerns about outstanding payments ahead of auction.
Meryl found her name among the more than 2,000 pages of listed contracts owed – sometimes, misspelled as "Street."
Other stars objecting to the sale included Brad Pitt, George Clooney and Julia Roberts.
The Weinstein company filed for bankruptcy in March following the wave of sexual misconduct allegations against founder Harvey Weinstein.
The accusations against the 66-year-old former producer were first published in The New York Times newspaper and The New Yorker magazine in October 2017.
Weinstein was fired from the company three days later, split from his wife Georgina Chapman and checked into rehab to be treated for sex addiction.
Since then numerous women have come forward to launch legal suits against the producer for sexual misconduct.
Weinstein denies the claims made against him, insisting all his liaisons with women had been "consensual".
The Weinstein Company to be purchased by private equity firm
