In just under a year, Harvey Weinstein and The Weinstein Company have dropped to new lows. Harvey is currently facing trial for acts of sexual assault and misconduct. As recently as this week, more charges were added to his rap sheet. The company that he built is floundering and pushing for sale. It seems that dropping the price of the company will finally make that possible.
According to The Hollywood Reporter, the Weinstein Company made its final deals with creditors in order to approve their sale. Lantern Capital has been circling the production company for months. The final deals with creditors drops the value of the company from $310 million. The new sale price was dropped to $287 million, but it looks like the company will sell for $289 million. Lantern will take over the company in a matter of months.
The Weinstein company had been battling to stay afloat for several years prior to the Weinstein scandal. While the Weinsteins did produce several of on their own films, they spent a lot at festivals to acquire surefire contenders. Harvey made careers and broke many more with his sexual exploits. His skill at marketing to the Academy perfected the art of Oscar campaigning and changed the Oscar landscape. None of that matters now, as he destroyed so many lives as a sexual predator.
It is going to be interesting to see how Lantern Captial moves forward with the assets of the Weinstein company. Considering they were slammed with $110 million lawsuit this week over allegations of racism, the water is very murky. The events have been turbulent, and only time will tell if the prestige company will be scrapped for parts or continue to run.