New owner make take homevid unit private
Genius Products, the troubled homevideo distributor majority owned by the Weinstein Co., now has a new majority owner.
GNPR Investments, an affiliate of investment firm Quadrant Management, has acquired 60% of the company. TWC now owns 15% of the company and Genius retains 25% of the company.
The new ownership is part of a restructuring of the homevid distributor, which was delisted by the OTCBB on Dec. 24. The company has renegotiated its distribution terms with TWC.
The company will also renegotiate existing agreements with vendors and content partners. Company may go private.
Under the new ownership by Quadrant, three of the company’s directors appointed by TWC resigned and will be replaced with representatives from Quadrant.
TWC remains the biggest content partner for Genius, which also distributes discs from ESPN, Sesame Street, IFC and Animal Planet. The TWC deal will remain through 2010, with an option to extend until a year later.
Bob Weinstein said the new owners will allow him and his brother more time to concentrate on their movie slate.
“We look at this as an ongoing partnership and something that will grow in the future,” he said.