×
You will be redirected back to your article in seconds

Major Players Sit Out of Weinstein Co. Bankruptcy Auction

As the deadline passed on Monday afternoon to bid on the bankrupt Weinstein Co., it appeared that the major industry players had opted to sit it out.

Miramax, the company founded by Harvey and Bob Weinstein, decided not to bid, Variety has learned. Now owned by Qatar’s beIN Media, Miramax had appeared to be the strongest challenger to Lantern Capital, the Dallas-based private equity fund that submitted the stalking horse bid last month.

There may be one or two other bidders, but none with the clout of Lantern. That leaves the Dallas fund as the likeliest party to end up owning the company. An auction is set for Friday, assuming that there is more than one bid.

Lantern, run by Andy Mitchell and Milos Brajovic, offered $310 million in cash, plus the assumption $115 million in debt. They also pledged to keep the company going, while other bidders were said to be more interested in the film library.

Lantern had earlier partnered with Ron Burkle and Maria Contreras-Sweet on a $500 million offer outside of bankruptcy. That deal collapsed after the disclosure of more than $50 million in liabilities, forcing the Weinstein Co. into bankruptcy. Burkle and Contreras-Sweet have not been part of the Lantern bid, though it remains to be seen whether they would align with Lantern later on.

Other players may try to pick off particular properties from Lantern after the sale goes through. Among them could be A+E Networks, which is interested in “Project Runway.”

More Biz

  • Martin Bandier to Be Honored at

    Martin Bandier to Be Honored at Songwriters Hall of Fame Ceremony

    Martin Bandier, outgoing chairman and CEO of Sony/ATV Music Publishing, will be awarded the Visionary Leadership Award at the 50 th Annual Songwriters Hall of Fame Induction and Awards Dinner. The ceremony will take place on Thursday, June 13 at the Marriott Marquis Hotel in New York City. According to the announcement, the Visionary Leadership Award “acknowledges a member of the Songwriters Hall of Fame Board [...]

  • Hong Kong Disneyland Remains in the

    Hong Kong Disneyland Remains in the Red but Reduces Losses

    The Hong Kong Disneyland Resort theme park remained in the red for the fourth straight year, but there are signs of improvement. For the financial year to end-September 2018, HKDL reported $769 million (HK$6 billion) of revenue from 6.7 million visitors, an increase of 8%. Net losses fell from $32 million (HK$291 million) to $6.92 [...]

  • Lisa Borders Time's Up

    Time's Up President Lisa Borders Resigns

    Lisa Borders has resigned as president of Time’s Up, she and the organization announced on Monday. Borders is resigning due to family issues, she said in a statement. Time’s Up COO Rebecca Goldman will now serve as interim CEO. “As Time’s Up continues to grow, I am proud of the work I have done to [...]

  • Jussie Smollett Good Morning America

    Jussie Smollett Angrily Denies Complicity in Attack

    Attorneys for “Empire” actor Jussie Smollett issued a statement Saturday denying that he orchestrated his Jan. 29 assault, and saying he is “angered” and “devastated” by recent developments in the case. Chicago police want to interview Smollett, after learning new evidence from two Nigerian brothers who were released on Friday night. Local media outlets have [...]

  • Walt Disney Archives Founder Dave Smith

    Walt Disney Archives Founder Dave Smith Dies at 78

    Walt Disney Archives founder Dave Smith, the historian who spent 40 years cataloging and preserving the company’s legacy of entertainment and innovation, died Friday in Burbank, Calif. He was 78. Smith served as Disney’s chief archivist from 1970 to 2010. He was named a Disney Legend in 2007 and served as a consultant to the [...]

  • Colin Kaepernick Kneel

    Colin Kaepernick, Eric Reid Reach Settlement With NFL

    Colin Kaepernick and Eric Reid, two football players who alleged the National Football League colluded to oust them from the game after they started kneeling in protest of racial inequality during the playing of the national anthem, have reached a settlement in the matter, according to a statement from the sports organization and lawyers representing [...]

  • R. Kelly

    R. Kelly Could Be in ‘Big Trouble’ Over Alleged New Sex Tape, Attorney Says

    Strong allegations of sexual misconduct have followed R. Kelly for 25 years, but the singer has always managed to slip free. Yet reports that a videotape of him sexually assaulting an underage girl, combined with the outcry surrounding the Lifetime documentary “Surviving R. Kelly,” means that public sentiment, at the very least, is definitely not [...]

More From Our Brands

Access exclusive content