By Abby Gardner
On Thursday, March 1, 2018, a group of mostly female investors reached an agreement to buy The Weinstein Company for around $500 million. The movie studio, of course, has been in financial turmoil since the revelations of rampant sexual misconduct by one of its cofounders, Harvey Weinstein. According to Deadline, the group is led by Maria Contreras-Sweet, who worked in the Obama administration as the head of the U.S. Small Business Administration. She is expected to run the new board of directors, which will be composed of mostly women.
Contreras-Sweet said in a statement that they will “launch a new company, with a new board and a new vision that embodies the principles that we have stood by since we began this process last fall.” She went on to describe, in part, how this new company (with an as-yet-unknown new name) will be different from The Weinstein Company, which has been accused of covering up Harvey Weinstein’s transgressions. “Those principles have never wavered and have always been to build a movie studio led by a board of directors made up of a majority of independent women, save about 150 jobs, protect the small businesses who are owed money and create a victims’ compensation fund that would supplement existing insurance coverage for those who have been harmed.