Businesswoman and former Obama Administration official Maria Contreras-Sweet has submitted an offer to acquire The Weinstein Company (TWC) for $275 million. This offer follows the controversy surrounding the accused sexual harasser, Harvey Weinstein, former co-founder and co-chairman of The Weinstein Company from 2005-2017.They believe with Contreras-Sweet leading the studio be “inspiring” and move the company in a positive direction.
Maria Contreras-Sweet has previously served at the head of the U.S. Small Business Administration during the Obama administration. In addition to this, Contreras- Sweet is the Founder and former Executive Chairwoman of ProAmerica. The Wall Street Journal reported the bid which occurred earlier this month. Contreras- Sweet wrote a letter about the bid obtained Deadline:
“I will be Chairwoman of a majority-female board of directors,” Contreras-Sweet wrote in the document. “Women will be significant investors in the new Company and control its voting stock. I have assembled a first-class team of financial partners, advisors, and consultants to put together a proposal to acquire the [company’s] assets. . . We believe [this] will present a path forward that is in the best interests of all of the company’s stakeholders.”
Contreras- Sweet outlined her plan that would retain “most if not all” of current employees and promised to set up a litigation fund and mediation process for the victims of alleged harassment by TWC’s co-founder Harvey Weinstein. Over 70 women have accused Weinstein of sexual misconduct since October of this year. Contreras-Sweet said
“As a long-time business leader and advocate for gender and racial equality, I have been profoundly affected by the recent revelations surrounding this Company’s leadership,”
The bid is being funded by 4 people, ready to provide the $275 million. Gloria Allred, the attorney representing several of Weinstein’s alleged victims, has also shown her support for Maria Contreras-Sweet saying “I have had discussions with Maria. In my opinion, she is the right person with her background to lead this company, and she would be a very important asset to the new Weinstein Company. I would like to see her and her team acquire the company, and I think that is the only way that TWC can be saved”
Deadline has reported other rumors of potential bidders, including Lions Gate Entertainment, A&E Networks, and Metro-Goldwyn-Mayer, “it will be a daunting task to best the amount and terms offered by Contreras-Sweet.”
Prior to this private equity firm, Colony Capital was in negotiations to acquire The Weinstein Company, but the two sides could not reach an agreement.
If the Maria Contreras-Sweet bid is accepted this will mark a new beginning for The Weinstein Company. New leadership will allow the company to grow in a healthy way. We’ll be waiting to hear where the future of TWC is going.