Weinstein Company Sale Falls Through

The planned sale of The Weinstein Company to Maria Contreras-Sweet, who ran the Small Business Administration under President Barack Obama, has reportedly fallen through after her investor group got a look at the finances of the multimedia production company.

“We have received disappointing information about the viability of completing this transaction,” Contreras-Sweet said in a statement Tuesday. “As a result, we have decided to terminate this transaction.”

Per Variety, Contreras-Sweet’s group was due to make an initial payment of about $1.5 million on Tuesday. Presumably, that didn’t go through. The contract carried no penalty for its dissolution ― often called a breakup or termination fee ― so there would have been little incentive for Contreras-Sweet and her group to see it through after realizing the numbers were unfavorable.

Rather than buy the company outright, it seems the group plans to acquire TWC assets at a discount in bankruptcy.


Source : huffingtonpost