Leave a Comment
The fallout from the Harvey Weinstein scandal has been far-reaching. One of the major pieces of collateral damage has been The Weinstein Company itself, a company that until recently was powerful and prosperous in Hollywood. Following the various Harvey Weinstein allegations, the company faced the prospect of bankruptcy, and has spent the last few months selling off assets and working to revamp everything about the company, from its inner workings to its name. The Weinstein Company will no longer be called The Weinstein Company, for fairly obvious reasons.
First and foremost, as has been anticipated over the past few months, The Weinstein Company may have found a buyer. Maria Contreras-Sweet may be the person to buy the company, as The Wrap reports Contreras-Sweet is "the exclusive bidder." As part of the deal, Contreras-Sweet would like to radically reinvent the culture at the company. That will have implications such as the type of office the company has, and also for the general direction of the company, as well. If the deal goes through, The Weinstein Company will change its name, and currently it looks as if there may be three names being bandied about. Reportedly, possible pitches include Wonder Hill, Assembly Hall or Creative Trade Studios.
Names can take a while to come together, so none of these may end up being the final product, but they do mark a shift at The Weinstein Company. Other changes that are reportedly being made include adding a breastfeeding room on the company's turf, changing the nature of the way people work by adding more open spaces and catering more meals, presumably as another sort of perk for employees. More women executives are also expected to be hired and a "victim fund" will be put together for those victimized by former The Weinstein Company mogul Harvey Weinstein.
Previously, we heard The Weinstein Company was close to selling and would probably go for somewhere in the $500 million range. In the time leading into the sale, The Weinstein Company has sold off some of its products, including the rights to run Paddington 2 in the U.S., the successor to the original Paddington film. Sales like this helped The Weinstein Company to stave off bankruptcy. Finding a buyer seems to be the next step, although early looks at finding a buyer indicated some potential prospects still saw bankruptcy as an option. Contreras-Sweet is expected to "absorb $225 million" in debt and add an additional $250 million into the company if the purchase goes through.
We'll have to wait and see whether Contreras-Sweet nabs the company and whether or not it will get a name like Wonder Hill down the line. It could be a while before a full deal unfolds, but we'll keep you updated every step of the way. In the meantime, you can keep an eye on what is heading to theaters with our full movie schedule.