TWC was one of the largest mini-major film studios in North America prior to the firing of Harvey Weinstein following allegations of sexual harassment and assault against himas well as financial troubles that followed.
The studio eventually declared bankruptcy in Februarywith independent studio Lantern Entertainment acquiring a majority of its film library and assets. The company dismissed joint founder and chief executive Harvey Weinstein in Octoberafter over women came forward to accuse him of sexual harassment, assault or rape.
On February 26,The Weinstein Company announced in a statement that it would declare bankruptcy following the collapse of a buyout deal with an investor group led by Maria Contreras-Sweet. They retained ownership of Dimension Films. On July 13,the Weinsteins and Robert L. Johnson announced the creation of a joint venture studio titled Our Stories Filmswhich will distribute African-American -oriented films.
The company is the co-producer, along with Miramax, of the Lifetime reality series Project Runwaywhich for its first Noodles And Company Provo seasons aired on Bravo.
The series won a Peabody Award in During the span of their pact, TWC paid for marketing and prints, while MGM received a distribution fee for booking theatres. In Junethe Weinstein Company announced the hiring of a financial adviser to restructure the finances of the company. Genius however, had announced to exit the home video distribution business and the DVD rights that were distributed by Genius were sold to Vivendi Entertainment.
TWC also struck a deal with Vivendi. An ownership interest in TWC's library at that point, consisting of titles, was sold off to Goldman Sachs and Assured Guaranty in According to Deadline Hollywood : "The library will revert to the Weinstein Company itself when the remaining debt has been paid off by the films in question. The deal will allow the Weinsteins to exploit the film Miramax library. Sequels to Rounders and Shakespeare in Harvey Weinstein Company Sale are among the films being developed under this new deal, and series based on Good Will Hunting and Flirting with Disaster are being planned as well.
Miramax will put up the financing and handle international sales while The Weinstein Company will develop the projects and distribute the titles domestically.
In Maythe company entered into a five-year multi-picture financing agreement with Worldview Entertainment. That same year, the company announced that around 40—50 layoffs would occur due to the box office failure of the comedy-drama Burnt among other factors.
Harvey Weinstein also openly expressed interest in reacquiring Miramax and merging the film and TV libraries of both companies when the latter went up for sale in July. When Harvey Weinstein, co-founder of TWC, was explaining on the origin of the name of Mizchief, he said that it was based on how one of his kids pronounced the word, "Mischief". On October 6, three of the company's nine members of the board of directors including Lasry resigned after the allegations were published.
Bob Weinstein stated on October 13 that media reports that his brother's sexual misconduct scandal had forced the company to explore either a sale or shutting down operations were inaccurate.
His lawyer Bert Fields has denied the accusations. Bert Fields and colleague Charles Shephard petitioned a court to leave a rights dispute in which Greenberg Glusker Fields was representing The Weinstein Company due to unpaid bills on December 14, The firm underscored that it is not involved in the ongoing sexual scandals. So, when the firm was asked to handle this matter, it agreed — even though, at that time, TWC already owed the firm substantial money for prior services.
Reuters reported on October 16, that TWC had entered talks with private equity firm Colony Capital for sale of its assets. The studio's owners will not receive any cash from Union Springs Telephone Company sale.
Bankruptcy Court judge not to approve the purchase price for TWC's assets without first extracting a guarantee of payment to the creditors who are still owed money by the studio. A trio of film experts were expected to help the co-presidents hire an experienced film CEO. As of July 11,Netflix terminated its output contract with The Weinstein Company, and will no longer accept deliveries or make payments to the studio.
This affected the release schedule for the third season of the MTV series Scream produced by Dimension Televisionand billed as a Netflix Original internationally. On June 24,it was announced that the rebooted Scream series Sacred Harp Book Company be moving to VH1 ahead of the premiere of the third season.
In OctoberNew York Attorney General Eric Schneiderman launched a civil rights investigation into whether the Weinstein Company violated state civil rights and New York City human rights laws in its handling of sexual harassment complaints and other types of discrimination against employees. A group of Weinstein Company employees published a public statement in The New Yorker asking to be released from their signed nondisclosure agreements, which prohibit them from speaking out about their time at the company.
We did not know we were working for a serial sexual predator. On February 11,Schneiderman filed a civil rights lawsuit against the company, Harvey and Bob Weinstein, just shortly before an anticipated announcement that the company would be purchased by an investor group led by Maria Psychometric Company. In addition, the lawsuit includes information that the company's Chief Operating Officer communicated with the Human Resources Director about complaints where settlements and non-disclosure agreements were needed, with the H.
Other non-disclosure agreements were in effect between the company and the investment group, which prevented members of the group from talking the Attorney General until February 10, though Bob Weinstein denied this.
People "close to the sale" derided the timing of the filing "as an effort to score political points and grab media attention", and could lead to the sale falling through, forcing the company into bankruptcy and delaying compensation for victims. The investment group is said to meet with the Attorney General's office within a few days, with the decision whether to continue or abandon the bid for the company on hold until then.
Following the sale of all assets to Lantern Capital subsidiary, Lantern Entertainment, on July 16,The Weinstein Company was completely shut down along with its website. Lantern made a majority investment including its film library to Spyglass. It was launched inand specialized in niche and independent films rather than those aimed at mainstream audiences.
Originally launched as Miramax Books by Bob and Harvey Weinstein inthe imprint was reborn in as Weinstein Books, a joint publishing venture between The Weinstein Company and the Perseus Books Grouppublished a range of general interest fiction, both literary and commercial, along with media-driven non-fiction and YA titles. On October 12,Hachette Book Group which had purchased Perseus's publishing Harvey Weinstein Company Sale in April announced the imprint would immediately be shuttered, with its titles and authors moving directly to Hachette Books.
From Wikipedia, the free encyclopedia. American mini-major film studio. Harvey Weinstein Company Sale States. Main article: Harvey Weinstein sexual abuse allegations. New York City. United States of America.
Main article: List of The Weinstein Company films. Archived from the original on June 20, Retrieved June 20, The New York Times. Archived from the original on February 26, Retrieved February 26, Film Journal. Archived from the original on October 24, Retrieved July 28, Archived from the original on October 8, Retrieved October 9, Archived from the original on October 23, Retrieved October 24, Retrieved February 27, Los Angeles Times.
Archived from the original on March 2, Retrieved March 2, Deadline Hollywood. Archived from the original on March 21, Retrieved March 21, BBC News. March 20, Archived from the original on March 20, Retrieved March 20, Archived from the original on May 3, Retrieved May 6, Retrieved June 17, Archived from the original on March 17, Retrieved November 17, Genius Products.
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