Weinstein Co. Bidder Weighs Offer in Wake of Studio's Bankruptcy
Details of Lantern Capital Partners' stalking-horse bid to buy Bob and Harvey Weinstein's namesake film studio came into focus early Tuesday, just hours after The Weinstein Co. filed for Chapter 11 bankruptcy protection in Delaware.
March 20, 2018 at 05:23 PM
4 minute read
The original version of this story was published on Delaware Business Court Insider
Harvey Weinstein. Photo credit: David Shankbone
Details of Lantern Capital Partners' stalking-horse bid to buy Bob and Harvey Weinstein's namesake film studio came into focus early Tuesday, just hours after The Weinstein Co. filed for Chapter 11 bankruptcy protection in Delaware.
According to court documents, the Dallas-based private equity firm is offering to take on some of the debt left by the production company—which was plunged into dire financial straits in the wake of serial revelations about Harvey Weinstein's sexual misconduct—and pay $310 million in cash to acquire its legacy assets, which include a television business and library of 277 films. The studio said in the filings that it expects to see $151 million in net cash flows for its catalog of movies in 2018, and revenue for its TV division is projected to hit $255 million.
But the filings also revealed the extent to which allegations of sexual misconduct by Harvey Weinstein have crippled The Weinstein Co.'s bottom line, raising doubts about whether a better offer exists and calling into question an effort by New York's attorney general to ensure that Weinstein's victims are compensated for the alleged abuses they suffered at the hands of the disgraced film producer.
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