Lantern Entertainment today completed its acquisition of The Weinstein Co.’s assets, representing a fresh start for an entertainment company formed from the rubble of Harvey Weinstein’s sexual misconduct scandal.
A library of 270 films, unreleased movies and a slate of scripted and unscripted television shows constitute the foundation of the newly formed studio with the ambitious stated goal of being “one of the pre-eminent homes for talent.” “Over the last several months, we have immersed ourselves in the formation of Lantern Entertainment,” Co-presidents Andy Mitchell and Milos Brajovic said in a statement.
“Throughout all our conversations with employees, creatives and industry professionals, we re inspired by the collective commitment and support extended to the launch of our new company.” magazine published allegations of rape and sexual harassment by the studio’s co-founder. bankruptcy court awarded Lantern Entertainment the assets, as the lone qualified bidder for the remains of The Weinstein Co.
A last-minute financial rescue, orchestrated by former Obama administration official Maria Contreras-Sweet and Yucaipa Co.’s Ron Burkle, collapsed, sending the company into bankruptcy. Disagreements over who should pay the millions owed actors, directors and producers for their participation in studio projects threatened to derail the deal. agreed to a $21 million price reduction for its assets, and Lantern set aside an $8.75 million fund to cover participation and other claims.
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