Weinstein Film-Library Owner Gets Investment From Warner Bros.
(Bloomberg) -- The startup that acquired Harvey Weinstein’s film and TV catalog has a new backer: Warner Bros.
The studio giant is investing in Spyglass Media Group, a venture created by entertainment veteran Gary Barber and Lantern Entertainment, which bought the Weinstein Co. assets out of bankruptcy last year. Warner Bros., owned by AT&T Inc., will have an undisclosed equity stake in Spyglass, as well as a “first-look” arrangement that lets it take first crack at projects.
Warner Bros. joins Italian independent distributor Eagle Pictures and Cineworld Group Plc, the second-largest theater chain in the world, in supporting the venture. Spyglass obtained the rights to former Weinstein properties such as “The King’s Speech” and “Inglourious Basterds.”
The business will make new films and TV shows, some of which were put on hold because of the Weinstein bankruptcy -- a move brought on by sexual-assault claims against the eponymous producer. The company also will distribute a 250-title library that includes Oscar winners such as “The Artist” and television shows like “Project Runway.”
Weinstein Co. was sold to Lantern last year in a bankruptcy sale worth about $437 million, including debt. The arrangement means Harvey Weinstein himself won’t profit from the new venture.
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