The Weinstein Co. is no more, with news that the company, which was driven into bankruptcy by a sexual assault scandal surrounding Harvey Weinstein, has been acquired for $289 million by Texas private equity firm Lantern Capital.
“The company will relaunch as Lantern Entertainment, with offices in Dallas, Los Angeles and New York,” Variety reports.
Andy Mitchell and Milos Brajovic, co-presidents of the company, announced the sale in a statement released today in which they said: “Over the last several months, we have immersed ourselves in the formation of Lantern Entertainment. Throughout all our conversations with employees, creatives and industry professionals, we are inspired by the collective commitment and support extended to the launch of our new company, which is anchored by creativity in a meritocracy-based culture. Across all disciplines, we are extremely motivated to become a forward-thinking force in this industry.”