Weinstein Company assets sold to investors including Ron Burkle and Maria Contreras-Sweet

 
Alys Key
Follow Alys
FRANCE-ENTERTAINMENT-TELEVISION-MIPCOM
Source: Getty

Disgraced Hollywood executive Harvey Weinstein's company has reached a deal to sell most of its assets to a group of investors.

The agreement means the WEintein company will be run by a mostly female board, including businesswoman Maria Contreras-Sweet.

A group led by Contreras-Sweet and including Soho House's billionaire backer Ron Burkle will pay $500m (£363m) for the company's assets, including $90m towards a victims' compensation fund.

Read more: MPs to challenge firms over sexual harassment in the workplace

The owners will launch a new company. Carreras-Sweet said it would have "a new board and a new vision that embodies the principles that we have stood by since we began this process last fall".

The deal includes a library of 277 films, and could save as many as 150 jobs as employees are invted to join the new business.

Contreras-Sweet, who had responsibility for small businesses in Barack Obama's administration, also said the move would protect small businesses which are owed money.

The last-minute arrangement came after the Weinstein Company said it would file for bankruptcy. It has been on the edge since allegations of rape and assault against Weinstein emerged, facing multiple lawsuits. Goldman Sachs completely wrote off its stake in the comapny.

Harvey Weinstein will not benefit financially from the sale.

Read more: Michael Gove apologises for Harvey Weinstein sex assault “joke” on radio

Related articles