The beleaguered Weinstein Co. now has a sure buyer - Dallas-based Lantern Capital has agreed to buy the company as part of the studio's bankruptcy filing late Monday.
Weinstein Co. Has estimated assets of $225 million, including a 227-film library and the television show Project Runway. This will mark Lantern Capital co-founders Andy Mitchell and Milos Brajovic’s first investment in the movie business by giving their nod to operating the studio.
<blockquote class="twitter-tweet" data-lang="en"><p lang="en" dir="ltr">FOX NEWS: Weinstein Company files for Chapter 11 with buyout offer in hand <a href="https://t.co/EjBirQOTXJ">pic.twitter.com/EjBirQOTXJ</a></p>— Noel Pereira (@champcash1964) <a href="https://twitter.com/champcash1964/status/975994989888114688?ref_src=twsrc%5Etfw">March 20, 2018</a></blockquote> <script async src="https://platform.twitter.com/widgets.js" charset="utf-8"></script>
The U.S. Bankruptcy Court in Delaware still has to approve the agreement between the two parties. The Weinstein Co. Board said it chose Lantern in large part due to its commitment to maintain the assets and employees as opposed to merely selling off the company’s assets.
The Lantern founders said in a released statement on Monday that they have evaluated the movie studio for months and they are confident they can “improve the performance of the company’s businesses with the utmost respect to all employees and promote a diverse and transparent environment.”
The statement also revealed that the new owners are planning to reposition the movie studio as a “preeminent content provider”, and while “cultivating a positive presence in the industry.”
Lantern Capital, founded only in 2010, has earned a reputation in its specialization of turning companies around.
Lantern’s bid, according to Variety, is somewhere in the range of $300 million to $320 million, while another source even puts it higher at $450 million. Both figures are even less than the $500 million bid from billionaire Ron Burkle and others, which collapsed in early March.
It is not yet clear how much money will be made available for dozens of alleged sexual harassment victims of Harvey Weinstein. But compensation for the victims has been made a precondition by the Attorney General’s office for any acquisition agreements between the crisis-hit movie studio and any potential buyer. The film studio has been financially battered since the scandals involving founder and former CEO Weinstein hit the news and shook the entertainment industry.
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