(Bloomberg) -- A group led by former Small Business Administration chief Maria Contreras-Sweet entered exclusive talks to buy the troubled Weinstein Co. film studio, according to a person familiar with the talks.
The negotiations could lead to a sale of the company in the next two weeks, said two people, who asked not to be identified because the discussions are private.
Contreras-Sweet, who served under President Barack Obama, has emerged as the lead bidder among a group of would-be buyers that included Lions Gate Entertainment Corp. and beIN, the Qatar-based owner of Miramax -- the previous film studio founded by brothers Harvey and Bob Weinstein.
Under terms she presented to Weinstein Co. in November, Contreras-Sweet would lead a majority-female board to supervise the company, which has teetered near bankruptcy after Harvey Weinstein was accused of sexual harassment or assault by several women. Contreras-Sweet's investment group would assume most of the liabilities of Weinstein Co. and create a fund to supplement its insurance and compensate victims of sexual harassment.
Weinstein Co., creator of Oscar-winning pictures such as “The King's Speech” and hit TV shows such as “Project Runway,” has been reeling from a loss of business since the allegations against its co-founder surfaced in October. Weinstein, who was dismissed from the company, has said any sexual relationships he had were consensual.
The exclusive talks were reported earlier by Deadline.
To contact the reporters on this story: Christopher Palmeri in Los Angeles at cpalmeri1@bloomberg.net, Anousha Sakoui in Los Angeles at asakoui@bloomberg.net.
To contact the editor responsible for this story: Crayton Harrison at tharrison5@bloomberg.net.
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