×
You will be redirected back to your article in seconds

Weinstein Co. Is Still Open to ‘Transactions of All Types’

The Weinstein Co. is still considering “transactions of all types,” despite declaring Sunday that negotiations on a sale had collapsed.

The company announced that it would begin preparing documents for a bankruptcy filing, though any actual filing is thought to be at least two weeks away. Seeking to reassure concerned employees on Tuesday, chairman Bob Weinstein said in an internal memo that the company would continue to make payroll. He described the company’s status as “a very fluid situation.”

“I had a call this morning and I want to pass along that we are still considering transactions of all types,” he wrote. “With regards to employee payroll, it will continue to be paid.”

The Weinstein Co. board announced on Sunday that it had broken off talks with billionaire Ron Burkle and Maria Contreras-Sweet, the former head of the Small Business Administration. The buyers were prepared to rescue the beleaguered company, offering to pay $275 million and assume $225 million in debt.

Talks broke down over the Weinstein Co.’s insistence on receiving a $7 million cash infusion before the transaction closes, according to sources familiar with the talks. Burkle and Contreras-Sweet saw that as a risky proposition, but remain interested in doing a deal.

Several observers saw the board’s announcement that it will pursue bankruptcy as a negotiating ploy. Bob Weinstein’s suggestion that the company is considering multiple possible transactions could also be read as an attempt to gain leverage on the buyers. Other potential bidders are thought to have been interested in acquiring the company’s library without assuming legal liability or the burdens of operating the company.

More Biz

  • President Donald Trump talks with Gov.-elect

    Trump Says He'll Work With California to Aid Wildfire Relief

    The Weinstein Co. is still considering “transactions of all types,” despite declaring Sunday that negotiations on a sale had collapsed. The company announced that it would begin preparing documents for a bankruptcy filing, though any actual filing is thought to be at least two weeks away. Seeking to reassure concerned employees on Tuesday, chairman Bob […]

  • church set Westworld Paramount Ranch Western

    Park Service Aims to Rebuild Western Town at Paramount Ranch in Two Years

    The Weinstein Co. is still considering “transactions of all types,” despite declaring Sunday that negotiations on a sale had collapsed. The company announced that it would begin preparing documents for a bankruptcy filing, though any actual filing is thought to be at least two weeks away. Seeking to reassure concerned employees on Tuesday, chairman Bob […]

  • Jim Acosta Microphone Moment

    First They Came For Acosta. Why We Sued Trump Before He Acts Again (Opinion)

    The Weinstein Co. is still considering “transactions of all types,” despite declaring Sunday that negotiations on a sale had collapsed. The company announced that it would begin preparing documents for a bankruptcy filing, though any actual filing is thought to be at least two weeks away. Seeking to reassure concerned employees on Tuesday, chairman Bob […]

  • Daniel GlassUJA-Federation of New York's Music

    Glassnote Music Strikes Strategic Partnership With Kobalt’s AWAL

    The Weinstein Co. is still considering “transactions of all types,” despite declaring Sunday that negotiations on a sale had collapsed. The company announced that it would begin preparing documents for a bankruptcy filing, though any actual filing is thought to be at least two weeks away. Seeking to reassure concerned employees on Tuesday, chairman Bob […]

  • Movie Theater

    Studios Expected to Push for Early Home Release in 2019 (EXCLUSIVE)

    The Weinstein Co. is still considering “transactions of all types,” despite declaring Sunday that negotiations on a sale had collapsed. The company announced that it would begin preparing documents for a bankruptcy filing, though any actual filing is thought to be at least two weeks away. Seeking to reassure concerned employees on Tuesday, chairman Bob […]

  • NetEase Discusses Importance of Chinese Gaming

    NetEase Discusses Importance of Chinese Gaming Regulation, Anti-Addiction Measures

    The Weinstein Co. is still considering “transactions of all types,” despite declaring Sunday that negotiations on a sale had collapsed. The company announced that it would begin preparing documents for a bankruptcy filing, though any actual filing is thought to be at least two weeks away. Seeking to reassure concerned employees on Tuesday, chairman Bob […]

  • Iggy Azalea at Hits 97.3, Fort

    Iggy Azalea Says She’s Signed a $2.7 Million Deal

    The Weinstein Co. is still considering “transactions of all types,” despite declaring Sunday that negotiations on a sale had collapsed. The company announced that it would begin preparing documents for a bankruptcy filing, though any actual filing is thought to be at least two weeks away. Seeking to reassure concerned employees on Tuesday, chairman Bob […]

More From Our Brands

Access exclusive content