Weinstein Company in talks to sell studio to group led by ex-Obama official

The Weinstein Company is in exclusive talks to sell the studio to a group of investigators led by a former Obama administration official, according to multiple reports. 

The group is led by businesswoman Maria Contreras-Sweet, who served as the head of the Small Business Administration under Obama. Contreras-Sweet’s offer for the company is just under $300 million, but with an assumption of $225 million in debt, according to The Wall Street Journal.

The Journal first reported on the negotiations. 

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The Weinstein Company has faced financial hardship since allegations of sexual misconduct by its founder, Hollywood mogul Harvey Weinstein, surfaced last fall. 

According to the Journal, the potential buyers also plan to set aside an undisclosed amount of money to pay victims of Weinstein, who was ousted from the company in October. 

No deal is final yet, and talks between the Weinstein Company and the group led by Contreras-Sweet could still break down, the Journal reported. 

According to the Journal, current Weinstein Company President David Glasser would be named chief executive if the deal goes through, and the Contreras-Sweet group would seek to keep on most of the company’s existing employees. 

She also said in a letter accompanying her offer that, if the sale goes through, she would become the executive chair of a majority-female board.