The Weinstein Company Has Been Bailed Out By Colony Capital, A Firm Owned By A Close Friend Of Trump

10.16.17 1 month ago 5 Comments

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In an exclusive interview with The Hollywood Reporter over the weekend, Harvey Weinstein’s younger brother, Bob, insisted that the company they co-founded, the Weinstein Company, was not for sale. Considering the mounting allegations of sexual assault and rape being made against Harvey, however, it seems Bob spoke too soon. According to the New York Times, the Weinstein Company “secured a financial lifeline — and a potential new owner” on Monday when they established a preliminary agreement with Colony Capital for a much-needed infusion of cash. By the way, Colony is owned by a close friend of Donald Trump.

Billionaire Tom Barrack, who recently exclaimed the president was “better than this,” is the founder, chairman, and CEO of Colony Capital, a private equity firm. In a statement shared with CNN and other outlets, he said they “will help return the company to its rightful iconic position in the independent film and television industry.” No details were given regarding precisely how much money Colony was giving Weinstein. Nor were the precise parameters of the agreement disclosed, including whether or not Barrack’s involvement in the embattled Hollywood mogul’s former company meant he was essentially a partial owner.

In a separate statement, remaining Weinstein Company board member Tarak Ben Ammar said, “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.” Even though the board fired Harvey, the fallout from numerous investigations by the Times and The New Yorker has resulted in significant financial fallout for the company. What’s more, Harvey has been booted from the Academy of Motion Picture Arts and Sciences — a move that immediately called into question the membership of others.

(Via New York Times and CNN)

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