“Our banks, partners and shareholders are fully supportive of our company and it is untrue that the company or board is exploring a sale or shutdown of the company,” The Weinstein Company co-founder Bob Weinstein declared on Friday. Clearly, however, something has changed dramatically over the weekend, because as of this morning, the embattled studio is on the block.
The Financial Times reports that The Weinstein Company is up for sale. How its various divisions will be parcelled out remains to be seen, but the company could be sold off as a whole unit, or (probably more likely), in various pieces.
“On behalf of the board, we are pleased to announce this agreement and potential strategic partnership with Colony Capital,” studio board member Tarak Ben Ammar said. “We believe that Colony’s investment and sponsorship will help stabilize the Company’s current operations, as well as provide comfort to our critical distribution, production and talent partners around the world. Colony’s successful experience and track record in media and entertainment will be invaluable to the Company as we move forward.”
One has to wonder if Bob Weinstein himself is now on the outs with the board, following the scandal that has erupted around his brother, Harvey Weinstein. The sibling gave an extensive interview with The Hollywood Reporter last week, in which he tried to separate himself from the controversy, saying he had no idea about the extent of his brother’s abuses and assaults. However, it didn’t take long for many to speak out, and note that Bob Weinstein had his own reputation around town.
Bob Weinstein is a liar. And literally the worst person I’ve known in my lifetime. https://t.co/xoOBlJzyNv
— N O S ⋊ Ɔ I ᴚ ᴚ Ǝ ᗡ ⊥ ⊥ O Ɔ S (@scottderrickson) October 15, 2017
Bob Weinstein had also said that The Weinstein Company was in the process of rebranding with a new name, telling the trade, “We’re coming up with one. And it won’t be familial, I promise you that.” It looks like that won’t be happening, and probably with good reason. No one in Hollywood is willing to touch anything Weinstein-related, even with cosmetic changes. The inside of the company has long been troubled and rotten, and it appears their legacy, will be scattered to the financial wind.