In a surprising reversal, the struggling film studio co-founded by Harvey Weinstein has reached a deal to sell its assets to an investor group led by Penguins part-owner Ron Burkle and a former Obama administration official, the company said Thursday night.
The deal to sell the Weinstein Co. to the investor group, led by former Small Business Administration head Maria Contreras-Sweet and Mr. Burkle, “provides a clear path for compensation for victims and protects the jobs of our employees,” the film studio said in a statement.
The Weinstein Co. has been struggling to stay afloat since reports emerged in October in the New York Times and the New Yorker detailing allegations of sexual abuse by co-founder Harvey Weinstein spanning decades.