Weinstein In Talks With Colony Capital For Potential Sale

(RTTNews) - The Weinstein Company said Monday that it has entered into a preliminary agreement with Colony Capital, global private equity arm of Colony NorthStar (CLNS), to provide an immediate capital infusion into the Company. In addition, the Company has entered a negotiating period with Colony Capital for a potential sale of all or a significant portion of the Company's assets.

Weinstein board member, Tarak Ben Ammar, said, "On behalf of the board, we are pleased to announce this agreement and potential strategic partnership with Colony Capital. We believe that Colony's investment and sponsorship will help stabilize the Company's current operations, as well as provide comfort to our critical distribution, production and talent partners around the world."

Thomas Barrack, Jr., Founder and Executive Chairman of Colony Capital said, "We are pleased to invest in The Weinstein Company and to help it move forward. We believe the Company has substantial value and growth potential, and we look forward to working with the Company's critical strategic distribution and production partners to help preserve and create value for all stakeholders, including its employees."

Last week, the Weinstein Company fired its co-founder Harvey Weinstein following sexual misconduct scandal.