Longtime Trump Associate May Save Weinstein Company

Financier Thomas Barrack of Colony Capital provides cash infusion
By Newser Editors and Wire Services
Posted Oct 16, 2017 10:00 AM CDT
Harvey Weinstein in 2012.   (AP Photo/Remy de la Mauviniere, File)

(Newser) – The beleaguered Weinstein Company has just secured what the New York Times calls a "financial lifeline." The Hollywood company, reeling from the sexual harassment and assault claims against co-founder Harvey Weinstein, struck a deal with Colony Capital for an "immediate capital infusion," TWC says in a statement, per Deadline. What's more, the company is exploring selling some or all of its assets to Colony Capital, which is run by financier Thomas Barrack, a longtime associate of President Trump.

In the statement, Weinstein Company board member Tarak Ben Ammar suggested the company was in no danger of disappearing. "We believe that Colony's investment and sponsorship will help stabilize the Company's current operations, as well as provide comfort to our critical distribution, production, and talent partners around the world." He also lauded Colony's experience in media and entertainment deals. One example of that: Barrack once stepped in to save Michael Jackson's Neverland ranch when it was in danger of foreclosure. (Read more Harvey Weinstein stories.)

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