Mr. Weinstein was fired from the company last week. But the damage to the studio has only grown since then.
Numerous content partners, from Apple to Disney to Amazon, have dropped projects that involved the Weinstein Company. Most of the studio’s board has resigned.
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Bob Weinstein, Mr. Weinstein’s brother, and his remaining team have scrambled to keep the company afloat. Last week, he denied that the studio was up for sale or at risk of filing for bankruptcy protection, saying that the business had the support of “banks, partners and shareholders.”
The company is also in the midst of changing its name to drop any reference to Harvey Weinstein.
In turning to Colony, the Weinstein Company and its advisers at the investment bank Moelis Company are reaching out to an investment company with experience in the media industry. It was Colony that rescued Michael Jackson’s Neverland Ranch from foreclosure, by buying loans from the creditors.
Mr. Barrack also has ties of sorts to the Weinsteins. In 2010, Colony teamed up with a group that included Qatar’s sovereign wealth fund to buy Miramax, the first studio that the Weinstein brothers had founded, from Disney for $660 million. Mr. Barrack became chairman of the studio.
Colony sold Miramax to another set of Qatari investors last year.
“We will help return the company to its rightful iconic position in the independent film and television industry,” Mr. Barrack said in the statement on Monday.
Mr. Barrack is an old friend of President Trump. He was a fund-raiser for the presidential campaign, spoke at the Republican National Convention last year in support of his friend, and was chairman of Mr. Trump’s inaugural committee.
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Article source: https://www.nytimes.com/2017/10/16/business/media/weinstein-colony-capital.html?partner=rss&emc=rss
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