The Weinstein Co. Files for Bankruptcy

Action could smooth path for buyout from Lantern Capital
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Months after CEO Harvey Weinstein was ousted in the wake of a horrific sexual harassment scandal, The Weinstein Co. has filed for Chapter 11 bankruptcy protection, paving the way for a “stalking horse” bid for the TV and film production house by investment firm Lantern Capital Partners.

Weinstein was dismissed from The Weinstein Co. in October, days after The New York Timesbroke the story of decades of sexual harassment, assault and other misconduct the media mogul committed against actresses and employees. The story sent shockwaves throughout the entertainment industry and beyond, leading to several high-profile firings and sparking the #MeToo movement.

As part of the bankruptcy filing, TWC has released from non-disclosure agreements anyone who had witnessed or endured sexual misconduct by Harvey Weinstein.

The Weinstein Co., which produces reality TV hits likeProject Runway, andWacoand the upcomingYellowstonefor Viacom, has tried to sell out to several other potential buyers in the past, but those deals have fizzled. The most recent – a $500 million offer from a group led by billionaire investor Ron Burkle and former U.S. Small Business Administration chief Maria Contreras-Sweet, fell apart after new liabilities which added to its debt load came to light.

For more, go to multichannel.com.

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