Lantern Capital Partners LP affiliate Lantern Entertainment formed Spyglass Media Group LLC, an independent content company that will own and control assets held by the former Weinstein Co. LLC.
Spyglass Media was created in partnership with Spyglass Entertainment co-founder and former Metro-Goldwyn-Mayer Inc. CEO Gary Barber, who will become the new entity's chairman and CEO. The company's other senior leaders will be named later.
As part of the tie-up, Lantern Entertainment made a majority investment in Spyglass Media. Spyglass Media also secured strategic equity investments from Italian film distributor/producer Eagle Pictures SpA and British cinema operator Cineworld Group PLC, as well as a "substantial" financial investment from Barber, according to a statement.
Other financial deal terms were not disclosed.
Lantern Capital acquired Weinstein Co. in 2018 in a bid to revive the bankrupt studio following a sexual harassment scandal involving former CEO Harvey Weinstein.