The Weinstein Company has entered talks to sell the bulk of its assets to private equity firm Colony Capital, the companies said on Monday, as the film production company looks for stability after the departure of co-founder Harvey Weinstein.
The announcement about the deal talks comes only days after co-Chairman Bob Weinstein, Harvey’s brother and the other co-founder, denied the firm was seeking to sell or shut down after firing Harvey Weinstein following accusations that he sexually harassed or assaulted a number of women over the past three decades.
Colony Capital, which has about $20 billion in assets under management, will provide an immediate capital infusion into Weinstein Co and is in talks to buy all or a significant portion of its assets, the companies said in a statement.
Thomas Barrack, founder and executive chairman of Colony Capital, is no stranger to the film business. His firm and the Qatar Investment Authority sold movie production and distribution company Miramax to BeIN Media Group last year after buying it in 2010.
Barrack is a friend of U.S. President Donald Trump and served as chairman of his inaugural committee.