×
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

  • California Wines

    Splurge a Little on Choosing the Best California Wines for the Holidays

    California’s bounty of premium wines is prized by home cooks who can present and serve world-class wines without effort to their guests. “One should always splurge for the first bottle,” when serving wine at home, says Doug White of Napa’s soon-to-open Mia Carta collective tasting room. He suggests a rosé or syrah for Thanksgiving or [...]

  • Variety Business Managers Elite honoree Bill

    Variety’s Business Managers Elite Honoree Bill Tanner Looks Back, and Ahead

    As Hollywood business managers go, Bill Tanner of Tanner, Mainstain, Glynn & Johnson is one the most respected, with an impressive list of loyal big-name clients that includes Michael Keaton (“Birdman”) and Aaron Sorkin (“The West Wing,” Broadway’s “To Kill a Mockingbird”). Tanner, also known for his real estate and equity investment skills, is Variety’s [...]

  • Euphoria HBO

    Business Managers Adapt to Generational Change

    A youth movement has swept through most of Hollywood. The digital generation has moved into high-level jobs at a tender age, and young influencers are bursting forth from YouTube to enter mainstream media. Nonetheless, an older generation remains entrenched in the business management community, which often handles the financial aff airs of newly rich baby [...]

  • Alan Horn Disney

    Variety Keynote Speaker Alan Horn Sees Opportunities in Expanded Portfolio

    As Walt Disney Studios co-chairman and chief creative officer, Hollywood veteran Alan Horn oversees the most enviable content portfolio in show business. In step with his co-chairman, Alan Bergman, Horn has command of monolithic brands like Marvel Studios, Lucasfilm and Pixar — to say nothing of the 21st Century Fox film assets the men added [...]

  • Edward Cheng, Tencent Pictures CEO

    Tencent Results Show Rising Cost of Compliance, Impact of China's Slowing Economy

    Tencent, the Chinese tech giant that commands dominant positions across games, music, streaming and social media, Wednesday revealed third quarter results weighed down by slowing ad sales, slowing PC games and rising costs. Revenues in the July-to-September period showed a 21% year-on-year increase to RMB97.2 billion ($13.8 billion). Net profits dropped 13% to RMB20.4 billion [...]

  • Lilly Burns Tony Hernandez

    Variety to Honor Jax Media Chiefs Tony Hernandez, Lilly Burns at New Leaders Event

    Emmy Award-winning producer Tony Hernandez and Emmy-nominated producer Lilly Burns will receive the Creative Leadership Award on behalf of Jax Media at the Variety New Leaders event presented by City National Bank, taking place Nov. 14 in New York City. As founders of Jax Media, Hernandez and Burns have produced shows and specials such as [...]

More From Our Brands

Access exclusive content