Lantern Capital sent a memo to Weinstein Co. employees on Tuesday promising to make the company “the most progressive and forward-thinking presence in the industry.”
The memo to staff was sent out two hours after Judge Mary Walrath approved the sale of the company to the Dallas-based private equity firm. Lantern’s co-founders, Andy Mitchell and Milos Brajovic, pledged to uphold “the absolute highest level of ethics and standards.”
The memo also stated that Lantern will commence rebuilding the organization as it seeks to close the transaction over the next few weeks.
Lantern agreed to buy the company for $310 million, plus the assumption of project-based debt.
The full memo:
Today we reached another significant milestone.
As we continue to move forward with this process, we appreciate your continued support and patience. Looking ahead, our new company will represent an unwavering commitment to a culture of diverse professionals with the absolute highest level of ethics and standards. As we’ve maintained, our investment is in people. The best people will position us as the most progressive and forward-thinking presence in the industry.
Lantern shares a deep appreciation for entertainment and all creative arts. It is our responsibility to protect the years of hard work and dedication contained within the Weinstein Company’s film and television libraries.
We have a lot of work ahead of us to close this transaction while simultaneously rebuilding the organization. In the coming weeks, we look forward to working with you as we commence our new operations and put the new company on a path to long-term success and sustainability.
Andy, Milos and Team Lantern