The Weinstein Co. has agreed to sell its assets to an investment team led by Maria Contreras-Sweet and Ron Burkle, the company's board of directors confirmed Thursday night.
Most of the company's 150 employees will be invited to stay at its new iteration, and the deal should ensure that small businesses owed money by The Weinstein Co. are paid. Contreras-Sweet said they will launch a new studio with a board of directors made up mostly of women and create a $90 million fund to compensate women who were allegedly sexually harassed and abused by the once-powerful producer Harvey Weinstein. Since last fall, when The New York Times published allegations of misconduct against Weinstein, the company has been sued by several women who say the board was complicit in Weinstein's harassment.
Before a deal was reached on Thursday, talks collapsed twice: on Feb. 11, when New York Attorney General Eric Schneiderman's office filed a complaint, seeking oversight and conditions on the sale, and on Feb. 25, when The Weinstein Co. said it was backing out of negotiations and eyeing bankruptcy. A name for this new company has not yet been chosen.