Colony Capital will give the Weinstein Company an emergency infusion of cash as the indie studio tries to weather a sexual harassment and abuse scandal surrounding its co-founder Harvey Weinstein. In addition, the company said it has negotiating with Colony Capital to sell all or a significant portion of its assets. There were no details about the size of the investment.
It’s unclear if all of the members of the company’s leadership endorse such a deal. So far they are sending mixed signals. On Friday, Bob Weinstein, the company’s co-founder and the brother of Harvey Weinstein, issued a press release denying that the Weinstein Company was for sale. The release announcing the potential sale to Colony includes a statement from board member Tarak Ben Ammar, but nothing from Bob Weinstein or the company’s Chief Operating Officer David Glasser.
“On behalf of the board, we are pleased to announce this agreement and potential strategic partnership with Colony Capital,” Ben Ammar’s statement reads. “We believe that Colony’s investment and sponsorship will help stabilize the company’s current operations, as well as provide comfort to our critical distribution, production and talent partners around the world. Colony’s successful experience and track record in media and entertainment will be invaluable to the company as we move forward.”