×
You will be redirected back to your article in seconds

Weinstein Co. Price Cut Approved, Closing Expected Friday

A bankruptcy judge on Wednesday approved a $21 million reduction in the sale price of the Weinstein Co., paving the way for Lantern Capital to close the deal on Friday.

Judge Christopher Sontchi overruled objections from celebrities including Quentin Tarantino and Bradley Cooper. Their attorneys had argued that the sale provisions put them at risk of not receiving profit participation payments from Weinstein Co. films, including “Django Unchained” and “Silver Linings Playbook.”

Lantern, a Dallas-based private equity firm, has agreed to buy the Weinstein Co. for $289 million. Lantern and the Weinstein Co. estate have fought over the last two months over who will be responsible for paying out participations to a long list of A-list actors and actresses.

That issue will now be deferred until after the closing. Lantern will have four months to determine which contracts it wants to assume, and has agreed to pay at least $8.75 million to assume those contracts. A hearing in Delaware bankruptcy court is set for July 18 on that matter, and another is set for July 30.

Attorneys for Cooper and Tarantino raised the concern that Lantern will be acquiring and profiting from Weinstein Co. titles, without a guarantee that profit participants in those films will be compensated. Sontchi noted that the participants’ rights have been preserved under the sale agreement, originally approved in May. As an aside, he also paid a compliment to Cooper.

“‘Silver Linings Playbook’ is one of the best movies I’ve ever seen,” the judge said. “Mr. Cooper was outstanding.”

Lantern had initially agreed to pay $310 million for the company, but later argued that it has been misled about the unresolved contracts. The conflict between Lantern and the Weinstein Co. nearly torpedoed the deal, until the parties reached an agreement to lower the price to $289 million.

More Biz

  • FILE - In this Jan. 12,

    How to Watch the Patriots vs. Chiefs - AFC Championship

    The conference championships are set to take place Sunday, Jan. 20 ahead of Feb. 3’s Super Bowl LIII, with the top two teams in each the AFC and NFC conferences going head to head. The second game, the New England Patriots against the Kansas City Chiefs, is set to begin at 6:40 p.m. ET at [...]

  • The line of scrimmage between the

    How to Watch Rams vs. Saints Online - NFC Championship

    The conference championships are set to take place Sunday, Jan. 20 ahead of Feb. 3’s Super Bowl LIII, with the top two teams in each the AFC and NFC conferences going head to head. The first game, the Los Angeles Rams against the New Orleans Saints, is set to begin at 3:05 p.m. ET at [...]

  • MAGA Teens Taunting Native American Elder

    MAGA Hat-Wearing Teens Harassing Native American Elder Spark Condemnation From Hollywood

    The Internet erupted in outrage Saturday after a video of young men wearing MAGA hats and attempting to intimidate a Native American man at the Indigenous Peoples March in Washington D.C. went viral. The march is taking place amid the government shutdown, which is nearing the one-month mark and has interfered with many Native Americans’ [...]

  • Leonard Klady Dead: Film Journalist Was

    Leonard Klady, Veteran Film Journalist, Dies at 67

    Leonard “Len” Klady, a former Variety reporter and critic who most recently worked for Movie City News and Screen International, has died. His wife, Beverly Walker, said he had been diagnosed with cancer in November.  Klady was born in Winnipeg, Manitoba and graduated from the University of Manitoba. He was a founding member of the [...]

  • Jordan Feldstein

    Roc Nation Seeks $11 Million From Insurer in Jordan Feldstein's Death

    Roc Nation filed a federal lawsuit Friday seeking $11 million from its insurance carrier following the death of Maroon 5 manager Jordan Feldstein. Roc Nation, a joint venture of Jay-Z and Live Nation Entertainment, partnered with Feldstein’s Career Artist Management in 2016. At the time, Roc Nation says it took out a “key man” life [...]

  • Walt Disney HQ LA

    Disney Unveils Financial Data for DTC Unit, Sets April 11 for Investor Presentation

    Disney has rejiggered its business segments for earnings reporting to make room for the new unit housing its global streaming operations. Disney on Friday released restated earnings for fiscal 2018, 2017 and 2016 to give investors and financial analysts better visibility into its spending on the launch of the Disney Plus, ESPN Plus and other [...]

More From Our Brands

Access exclusive content