An investor group backed by billionaire Ron Burkle has reached a $500 million deal with the Weinstein Co. This deal will save the company from going bankrupt. The deal came together during a marathon negotiation Thursday in the office of New York Attorney General Eric Schneiderman. The Weinstein Co. board, including chairman Bob Weinstein, sat down with Burkle and his partner, former Small Business Administration chief Maria Contreras-Sweet, to discuss the deal. Over the last two weeks, the transaction nearly died. On Feb. 11, the buyers almost walked away when Schneiderman’s office filed a discrimination complaint that sought oversight and conditions on the sale. And then on Feb. 25, Weinstein Co. announced they were backing out and pursing bankruptcy and accused the buyers of failing to negotiate in good faith. In addition to Burkle and Contreras-Sweet, other investors include Lantern Capital, based in Dallas, and others yet to be announced, according to Variety. Under the deal, the buyers are expected to assume $225 million in existing debt under a credit facility. They will also pay out $275 million in equity, of which approximately $100 million will become operating capital for the new company.
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