CinemaBlend spends a lot of time talking about movies and TV shows, but the inner workings of the entertainment industry have become a hotbed for news in recent weeks. Amid all of the controversies, few have stood out quite like the Harvey Weinstein sexual misconduct scandal. The issue has created a slew of problems for The Weinstein Company, and now it looks like the studio may be close to selling for $500 million.
According to a new report from The Wall Street Journal, it looks like The Weinstein Company may be close to selling for somewhere in the neighborhood of $500 million. This potential sale is not phenomenal news for Weinstein insiders; because, with the cost of running the business (not to mention the added expense of paying for legal representation), a significant amount of that price is ultimately going to cover the assumption of debt on the part of the buyers. Several potential buyers are in the mix at this point (such as Lionsgate), and bids range from total control of the company to valuable assets that wouldn't require the buyer to take on certain legal responsibilities.
Looking at this situation purely from a movies point of view, the sale of The Weinstein Company (as well as the controversy surrounding the institution) represents a watershed moment for the entertainment industry as a whole. For years, the Weinsteins have stood as kingmakers in the world of film, and their company has produced some landmark films like Quentin Tarantino's Django Unchained, David O. Russell's Silver Linings Playbook, and Garth Davis' Lion. However, The Weinstein Company was already struggling financially leading up to the Harvey Weinstein allegations, and the subsequent bad publicity did not help.
As for filmmakers associated with the Weinstein brand, it looks like many have already started to look for greener pastures. Most notably, Quentin Tarantino has left The Weinstein Company in the wake of the Harvey Weinstein scandal, and has opted to shop his next film (which will focus on Los Angeles in the 1960s, and the Manson Family murders) around to other studios in Hollywood.
CinemaBlend will keep a close eye on this situation as it pertains to The Weinstein Company and bring you any and all relevant updates related to it as it develops. For now, if you can take a glance at our comprehensive 2018 movie premiere guide to get a better sense of what films are set to debut on the big screen over the course of the next year.