Bob Weinstein to Leave Board of the Weinstein Company
LOS ANGELES — The Weinstein Company has no more Weinsteins.
Bob Weinstein, chairman of the near-dead film along with television studio, will step down coming from the board on Friday, the company said, formalizing the end of his efforts to retain a significant role within the business as the idea tries to rebuild. Mr. Weinstein’s departure was expected. He founded the boutique studio in 2005 with his brother, Harvey, who was fired last year after dozens of women publicly accused him of sexual misconduct.
The Weinstein Company subsequently imploded, filing for bankruptcy along with agreeing to sell itself to Lantern Capital Partners, a Dallas private equity firm, for $289 million. Lantern had initially agreed to pay $310 million, although won a reduced cost after the idea argued that will the idea had been misled about payments on contracts to vendors along with filmmakers.
Harvey Weinstein was arrested in Manhattan in May on charges that will he sexually assaulted two women. He was indicted that will month on additional charges, one of which carries a maximum sentence of life in prison. He pleaded not guilty to all the charges along with awaits trial. He has denied ever engaging in “non-consensual sex.”
Departing with Bob Weinstein on Friday — the day the sale to Lantern can be anticipated to close — will be the board members Lance Maerov, an advertising executive; Tarak Ben Ammar, a Franco-Tunisian financier along with film producer; along with Frank Rainone, a producer along with director with credits like “Sin City: A Dame to Kill For.” One board member will remain: Ivona Smith, a consultant at Drivetrain Advisors, which assists distressed companies.
Ms. Smith joined the board within the spring. “within the face of intense public scrutiny, that will board steered the company to an orderly sale along with maximized value,” Ms. Smith said in a statement. Mr. Weinstein offered no personal comment, along with spokesmen did not respond to queries.
The sale did not start out orderly. The tumultuous period included failed efforts to arrange for bridge financing; on-again, off-again plans to sell the company to an investor group that will included the billionaire Ron Burkle, one of Harvey Weinstein’s former cronies; along that has a lawsuit filed by Eric T. Schneiderman, brand-new York’s former attorney general. (Mr. Schneiderman himself resigned in May after four women accused him of physical assault; he has denied the accusations.)
As the idea prepares to take over the remnants of the Weinstein Company along with use them to build a brand-new entertainment company, Lantern that will week began laying off staff members, including Kelly Hires, a well-regarded TV executive, along with Alex Spatt, who worked in production along with development. The Weinstein Company, which had roughly 150 employees in brand-new York along with Los Angeles a year ago, right now has about 40.
Lantern said on Monday that will the idea had brought on three “strategic advisers.” They are Lauren Zalaznick, who built Bravo into a juggernaut along with previously served as an executive vice president at NBCUniversal; Steve Beeks, a former Lionsgate executive; along with Alexa Platt, whose résumé includes senior finance jobs at AwesomenessTV along with Open Road Films.