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Post by The Ultimate Nullifier on Dec 22, 2017 12:39:44 GMT -6
deadline.com/2017/12/weinstein-company-board-sale-bids-harvey-weinstein-1202231723/ Weinstein Company Board Meets 11AM To Sort Bids: At Least Half A Dozen On Table In half an hour, the board of directors of The Weinstein Company will sort through bids to decide the future of the former powerhouse independent company that has been hanging on for dear life after co-founder Harvey Weinstein was accused of sexual assault and sexual harassment by a litany of former actresses and executives. Sources said that there might be as many as a dozen bids, but there are certainly at least six of them that will be scrutinized in a meeting set for 11 AM. That includes one from Maria Contreras-Sweet, the former head of the Small Business Administration under President Barack Obama who Deadline reported posted a bid around $275 million but is much higher with the assumption of operating costs in a bid that would assume control of the entire operation. Another is Killer Content, which includes Killer Films and is backed by Abigail Disney, the daughter of Roy Disney. It is believed that both of these bids, and one rumored to be on the table from Lionsgate, would be to acquire the entire company. Shamrock Capital and Vine Investments are believed to be bidding, primarily to take the film and television library. And there are two other bids I’ve heard are in, specifically for the television business, if the board of directors decide to split the company into pieces and sell it. That would likely mean mass layoffs for the 157 staffers who’ve remained in place as the board and the company brain trust has tried to keep the company afloat. While some publications have reported that a plunge into bankruptcy was a foregone conclusion, the company doesn’t appear to need to seek out that protection, if today’s proceedings go smoothly. Today’s meeting is expected to elicit a bid favored by the board, and then the hard nosed negotiations will get underway for a sale handled by Moelis & Co. It is not a foregone conclusion that a winner would be given right of exclusive negotiation. The board saw that backfire when earlier this fall it invited in Colony Capital. The financier got an exclusive window to tender an offer, and was supposed to provide interim financing. All that resulted was a lowball offer, no actual capital to keep the company afloat and a quick exit that left behind spin that didn’t help an already troubled company. The company helped its cause by selling off North American rights to Paddington 2 to Warner Bros for around $30 million. That gave TWC the needed cash flow to stay afloat during the most recent accumulation of bids. There will be other complexities, including civil lawsuits that are already flying in against Weinstein. It is likely that any bid would build in a cushion for a contingency fund to handle potential liabilities, paired with the company’s insurance policies. But at least the next iteration of TWC is within sight, one that might relaunch the company with a woman at the helm and save the jobs of 157 weary staffers who’ve hung in. Stay tuned.
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Post by The Ultimate Nullifier on Dec 22, 2017 19:41:23 GMT -6
www.hollywoodreporter.com/news/weinstein-board-meets-consider-bid-company-1070167The Weinstein Co. Board Meets to Consider Bid for Company A decision could result in the sale of the company or some of its assets. The board of the beleaguered Weinstein Co. is meeting today to consider bids that have been submitted to acquire the company or some of its assets. More than a dozen bids have been submitted, according to sources close to the process. They are believed to include offers from Maria Contreras-Sweet, who ran the Small Business Administration under President Barack Obama and who is proposing replacing the existing all-male board with a majority-female board; Killer Content, parent company of longtime indie stalwart Killer Films, which has joined forces with investors that include Abigail Disney and The New York Women’s Foundation; asset-management company Vine Alternative Investments; and Lionsgate. And at least two other companies have made offers for TWC’s television assets. The board, which includes Lance Maerov and Tarak Ben Ammar, is expected to make a decision over the course of the weekend. Harvey and Bob Weinstein launched TWC in 2005 after an acrimonious split with Disney that led to them leaving Miramax, where they had churned out commercial hits and Oscar nominees like Clerks, Pulp Fiction, Good Will Hunting and Shakespeare in Love. While the early years at TWC proved successful, with Oscar-winning movies like The Artist and The King's Speech, the company has since hit a box-office drought. Since October, the New York Times and The New Yorker's exposés charging TWC co-founder Harvey Weinstein with decades' worth of sexual assault and harassment charges have left the future of the company in question. Weinstein was terminated from TWC, although he remains a shareholder. With Harvey Weinstein’s name becoming toxic, TWC postponed several upcoming releases, such as the period drama The Current War, starring Benedict Cumberbatch. And it sold off the domestic rights to the Paddington sequel to Warner Bros. for a reported $28 million to keep afloat.
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Post by The Ultimate Nullifier on Dec 23, 2017 13:46:42 GMT -6
variety.com/2017/film/news/weinstein-company-harvey-weinstein-sexual-harassment-1202646052/#utm_medium=social&utm_source=email&utm_campaign=social_bar&utm_content=bottom&utm_id=1202646052Weinstein Company Bids Due Wednesday (EXCLUSIVE) The Weinstein Co. sale process is heating up with the first round of bids due on Wednesday, according to industry sources. Last month, the studio revived its attempts to sell itself or the bulk of its film and television assets rather than file for bankruptcy protection. Killer Content, the parent company of the long-established indie Killer Films, and its social outreach wing, Killer Impact, are believed to be among the bidders. Killer Content has pulled together a group of investors, including Abigail Disney and the New York Women’s Foundation, in an effort to salvage the company’s assets by steering the profits from Weinstein Co. titles to non-profit orgs that help women grappling with sexual harassment and other concerns. Maria Contreras-Sweet, former head of the Small Business Administration during the Obama years, is assembling a similar offer, according to individuals with knowledge of the talks. Lionsgate and Viacom, two companies that have been mentioned as potential acquirers, are not believed to have submitted bids. One executive whose company had kicked the tires on the Weinstein Company doubted that many companies would be interested in buying equity in the beleaguered studios. The executive thought that the only interest would be around peeling off some of its assets. The Weinstein Co. has been in dire straits since early October, when the New York Times and New Yorker published exposes revealing sexual assault allegations against former co-chairman Harvey Weinstein dating back decades. TWC has been in free fall ever since as business and creative partners have quickly distanced themselves from the company amid the mushrooming scandal. Weinstein, who was fired by his own company shortly after the stories broke, is facing criminal investigations in New York, Beverly Hills, and London. The Weinstein Co. was on the verge of bankruptcy in November, but after selling domestic distribution rights to “Paddington 2” in a $28 million deal with Warner Bros., it bought some time. Moelis & Company is handling the sale process for the studio. Weinstein Co. board members Lance Maerov and Tarak Ben Ammar have been handling the negotiations with banks and lenders, as the company assesses whether or not to dissolve, reorganize, or try to sell itself in pieces. Even though the “Paddington 2” sale may have alleviated some liquidity issues, there’s legal pressure accelerating the process. On Nov. 10, AI International Holdings, part of investor Len Blavatnik’s empire, filed a lawsuit in New York Supreme Court, claiming that the Weinstein Co. had defaulted on a $45 million loan. It is demanding that the studio repay the loan immediately. Although saddled with debt, the Weinstein Co. does have a catalog of award-winning films and long-running television shows. It produced such Oscar winners as “Django Unchained,” “The King’s Speech,” and “The Artist,” and launched the “Project Runway” franchise. A spokesperson for Moelis declined to comment. A spokesperson for the Weinstein Co. did not immediately respond to a request for comment.
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