TWC(NEW YORK) — A federal bankruptcy court judge today approved a revised plan for the sale of the studio co-founded by embattled former movie mogul Harvey Weinstein to a private equity firm for $289 million.
ABC Radio reports Lantern Capital will pay a reduced price, down from $310 million, for the company, in exchange for assuming certain liabilities and operating expenses.
It should be noted there are still outstanding claims filed by a number of Hollywood’s biggest names for their share of profits from Weinstein films and projects. Those will be resolved at a later time.
According to a press release from the buyer, “Lantern Entertainment, an affiliate of Lantern Capital Partners, is a newly-formed entertainment company in the process of acquiring a library of 277 films, unreleased and highly anticipated movies and a slate of impressive scripted and unscripted television titles.”
The sale is expected to close next week.
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