The Weinstein Company has reduced its the price of its assets from $310 million to $287 million in order to get its sale to Texas private equity firm Lantern Asset Management across the finish line, a Weinstein Co. lawyer said in a Delaware bankruptcy court Friday.
Some junior creditors, including alleged victims of Harvey Weinstein who have sued the company, are likely to object to the adjustment, but it’s hard to imagine them getting a better deal if the sale to Lantern somehow falls through. A bidding war never materialized after the studio filed for bankruptcy protection, with Lantern being the only interested buyer to even submit an offer before the deadline.
The sale process to Lantern has proceeded slowly since the a judge approved the transaction on May 8, and Lantern still has to name a leadership team for its new entertainment company before the deal can be completed, multiple insiders told me. It’s still unclear what that company is going to look like, but there’s already a lot more fiscal discipline under the new ownership than at the famously free-spending Weinstein Co.