The Weinstein Company officially completed its $289 million sale to private equity firm Lantern Capital Partners on Monday. Lantern Capital will be rechristened Lantern Entertainment and will own The Weinstein Company’s 277-film library as well as television shows, including Project Runway.
The sale includes unreleased films such as Neil Burger’s comedy The Upside and Alfonso Gomez-Rejon’s The Current War, featuring Benedict Cumberbatch, Variety reported.
Variety added that the equity partners, including the Weinstein brothers, do not stand to recover anything from the sale. “The proceeds will largely go to pay off lawyers and bankruptcy professionals, and the Weinstein Co.’s secured creditors, including Union Bank,” the publication said. “Anything that may be left over will be divided among the unsecured creditors, including alleged victims of Harvey Weinstein’s sexual misconduct.”
Co-founded by brothers Harvey and Bob Weinstein in 2005, the studio filed for bankruptcy in March after business steadily fell in the wake of a series of sexual harassment and rape allegations against Harvey Weinstein. The Hollywood producer was ousted from the company in October.
Co-presidents Andy Mitchell and Milos Brajovic issued a statement on Monday announcing the completion of the sale. “Over the last several months, we have immersed ourselves in the formation of Lantern Entertainment,” they said. “Across all disciplines, we are extremely motivated to become a forward-thinking force in this industry.”
Four members of The Weinstein Company board, including chairperson Bob Weinstein, stepped down after the transaction was closed. Bob Weinstein is expected to start his own venture, according to reports.