Seven months after announcing a push into the television landscape, the film company is looking to spin off its TV division and either sell it to a strategic partner, or go public with it
The Weinstein Company developed a sterling reputation in Hollywood with its involvement in Oscar-winning films. Seven months ago, the company decided it was time to expand their award-winning formula deeper into television. Now, though, they're considering spinning off their nascent TV division into a separate company.
Co-chairman Harvey Weinstein confirmed the exploration of a TV spinoff to The New York Times, but would not discuss details. According to the Times, people briefed on the plan indicated that he is considering selling to digital behemoths like Amazon, Google, or Yahoo, which could bolster the Weinstein brand online.
They also hinted that Weinstein may be considering taking the new company public. The Weinstein Company is privately held, with the television division currently comprising about 40% of the business, according to the Times. Executives have also purportedly been considering taking the whole company public in recent years.
While the television division has long been involved in “Project Runway” and its various spinoffs, as well as VH1's “Mob Wives,” and TLC's “Myrtle Manor,” there was a recent push to aggressively expand their involvement in the television sphere. The company also recently acquired North American rights to BBC's “The Graham Norton Show.”