Statement belies company in chaos

As talk of a sale or shutdown swirled around the embattled Weinstein Company, the studio’s co-founder Bob Weinstein tried to paint a picture of stability, saying that “business is continuing as usual” and outlining plans for film releases through February.

“Our banks, partners and shareholders are fully supportive of our company, and it is untrue that the company or board is exploring a sale or shutdown of the company,” Weinstein said in a statement.

But two people briefed on recent discussions by Weinstein Company board members said that any hope of the studio continuing in its current form was wishful thinking. More likely, said these people, the boutique movie and television company will be sold in pieces, although options are still at an early stage. There has been a conversation with at least one investment bank.

Moreover, one woman who works at the Weinstein Company described an operation in chaos, with phones going unanswered and some staff members in revolt. Nicole Quenqua, formerly the company’s top spokeswoman, said she was no longer giving company statements to reporters.

Several members of the all-male board have quit, including Dirk Ziff, a billionaire investor; Marc Lasry, owner of the Milwaukee Bucks and chief executive of Avenue Capital Group, an investment firm; Tim Sarnoff, president of production services and deputy chief executive of Technicolor; and Richard Koenigsberg, an accountant, who resigned on Thursday.

The Weinstein Company, with roughly 150 staff members in New York and Los Angeles, has assets that are potentially worth hundreds of millions of dollars. 

©2017 The New York Times News Service