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Weinstein Co. considering sale to company run by top Trump ally

Weinstein Co. considering sale to company run by top Trump ally
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The Weinstein Company on Monday said it is in talks with a firm run by a longtime friend of President TrumpDonald John TrumpNearly 300 former national security officials sign Biden endorsement letter DC correspondent on the death of Michael Reinoehl: 'The folks I know in law enforcement are extremely angry about it' Late night hosts targeted Trump over Biden 97 percent of the time in September: study MORE over the possible sale "of all or a significant portion" of the studio, which was co-founded by disgraced film producer Harvey Weinstein

The company also announced an investment from Colony Capital, which was founded by billionaire Thomas Barrack Jr.

“We are pleased to invest in The Weinstein Company and to help it move forward.” Barrack, who served as the chairman for Trump’s inaugural committee, said in a press release.

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“We believe the Company has substantial value and growth potential, and we look forward to working with the Company's critical strategic distribution and production partners to help preserve and create value for all stakeholders, including its employees. We will help return the Company to its rightful iconic position in the independent film and television industry.”

News of the deal comes amidst the fallout over sexual assault and harassment allegations levied against Weinstein, who has denied accusations of nonconsensual sex revealed last week in reports by The New Yorker and The New York Times.

The Weinstein Company fired the Hollywood producer earlier this month. 

A board member of The Weinstein Company said the Colony Capital investment “will help stabilize the Company’s current operations.”

“Colony's successful experience and track record in media and entertainment will be invaluable to the Company as we move forward,” Tarak Ben Ammar said in a statement.