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Weinstein Co. sale deal collapses

Weinstein Co. LLC's deal to sell the company to an investor group led by billionaire Ron Burkle has collapsed, Variety reported, citing Burkle's investing partner Maria Contreras-Sweet.

"We have received disappointing information about the viability of completing this transaction," Contreras-Sweet reportedly said in a March 6 statement, adding that "As a result, we have decided to terminate this transaction."

Burkle and Contreras-Sweet agreed to a $500 million deal with Weinstein's board March 1, but since then the investors have discovered new information on previously undisclosed liabilities, a source familiar with the transaction told Variety. An initial payment of about $1.5 million was supposedly due today, but the two sides could not come to an agreement over the final dollar amount.