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.
