DALLAS — Dallas-based Lantern Capital Partners has agreed to purchase the Weinstein Co. as part of the movie studio’s bankruptcy filing late Monday.
Lantern Capital co-founders Andy Mitchell and Milos Brajovic are making their first investment in the movie business by agreeing to continue to operate the Weinstein Co. as a going concern.
The movie company has estimated assets of $225 million, including a 277-film library and the television show “Project Runway.”
The agreement is pending the approval of the U.S. Bankruptcy Court in Delaware. The Weinstein Co. board said it selected Lantern in part due to Lantern’s commitment to maintain the business and employees versus selling off the company’s assets.
Mitchell and Brajovic said in a statement Monday that they have been evaluating the studio over the past several months and believe they can “improve the performance of the company’s businesses with the utmost respect to all employees and promote a diverse and transparent environment.”
The statement continued that they “promise to reposition the business as a pre-eminent content provider, while cultivating a positive presence in the industry.”
Lantern Capital, a private equity firm founded in 2010, specializes in turning companies around. Its recent deals include Bluejack National, a luxury resort north of Houston, and the Montage Kapalua Bay hotel and residential development on Maui.
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Variety reported Lantern’s bid is somewhere in the range reported Lantern’s bid is somewhere in the range of $300 million to $320 million, according to one source, while it quoted a second source that said it was substantially higher, at almost $450 million.
It’s not clear how much money will be available for dozens of victims of co-founder Harvey Weinstein’s alleged harassment that occurred over a period of more than 30 years.
The Hollywood movie studio has become the poster child of the MeToo movement.
The studio has been financially rocked since October when The New York Times and the New Yorker reported decades of sexual harassment by Harvey Weinstein, who has denied “nonconsensual sex.”
The Weinstein Co. board, which fired Weinstein last fall, said the sale through the bankruptcy process is “an important step toward justice for any victims who have been silenced by Harvey Weinstein.”
The movie studio employs 100 to 150 people.