A property billionaire rescues Harvey Weinstein’s studio
AS DISTRESSED assets go, the Weinstein Company (TWC) is uniquely distressing. Much of its value was bound up in the brands of its eponymous founding brothers, one of whom, Harvey Weinstein, has been accused of sexual harassment and of assault by dozens of women in the film industry in America and elsewhere. Amazon Studios, Apple and some television networks have hastened to cut ties with the studio, unwind production deals and remove Mr Weinstein’s name from credits. Mr Weinstein’s accusers may well sue the company. It was already heavily indebted after a recent string of box-office flops.
Who would see an opportunity? Aside from TWC’s particular troubles, independent films are a tough business, and the studio has had to haggle with creditors. But for a vulture investor some of the studio’s assets hold value. On October 16th Thomas Barrack (pictured above), chairman of Colony Capital, a private-equity firm, said he would immediately put an undisclosed sum of cash into TWC and look…
