Weinstein Co. Seeks New Buyer to Avoid Bankruptcy, Says Employees Will Still Be Paid

“The board is still in discussions with potential buyers who want to keep the company,” Bob Weinstein writes

Last Updated: March 8, 2018 @ 12:35 PM

The Weinstein Company is still seeking a buyer after the withdrawal of investors Maria Contreras-Sweet and Ron Burkle, executive Bob Weinstein informed employees on Thursday.

After months of chaos following the sexual assault scandal surrounding former CEO Harvey Weinstein, his brother Bob informed staff that “payroll obligations will continue to be met” while the board of directors seeks a new owner.

“The board is still in discussions with potential buyers who want to keep the company and employees as a going concern,” Weinstein wrote in a companywide email obtained by TheWrap. About 157 people work across the film and TV studios.

While TWC insiders previously told TheWrap that bankruptcy was a foregone conclusion if the lowball $500 million sale to the Contreras-Sweet group didn’t complete, it seems board members Bob Weinstein, Lance Maerov and Tarak Ben Ammar think they have a fighting chance.

The memo sent today also suggests that a town hall meeting was either promised to or suggested by employees, where they might directly address leadership about their dramatically uncertain future.

“Until there is something more specific to address you with, the need for a video town hall would lead to more questions than answers. I will continue to update you and when the time is proper to announce something more specific, then we will have the town hall meeting,” Weinstein concluded.

Read the full memo:

Dear All,

I wanted to keep everyone updated in what is obviously an incredibly fluid situation. The board is still in discussions with potential buyers who want to keep the company and employees as a going concern. That has been one of our main goals and we are still pursuing it. Payroll obligations will be continued to be met.

I understand this is a stressful time for everyone and your [patience] and support during this time is very much appreciated by me and the board. Until there is something more specific to address you with the need for a video town hall would lead to more questions than answers. I will continue to update you and when the time is proper to announce something more specific, then we will have the town hall meeting.

Best regards,
Bob Weinstein