Last fall, the allegations, and confirmations, against Harvey Weinstein sparked a revolution, and the repercussions are still being felt today. Weinstein deservedly lost everything and it’s no surprise that The Weinstein Company is in financial ruins. That changed this week as a dominantly female investment group bought the company for $500 million, according to Deadline.
Attorney Schneiderman made a statement, “As I made clear from the start, our office will support a deal that ensures victims will be adequately compensated, employees will be protected moving forward, and those who were responsible for misconduct at TWC will not be unjustly rewarded…” He confirmed that the buyers of the company “will create a real, well-funded victims compensation fund, implement HR policies that will protect all employees, and will not unjustly reward bad actors.”
The investment group is led by Maria Contreras-Sweet, who previously served on Barack Obama‘s Cabinet. She and the group have made plans to relaunch The Weinstein Company with a female-led studio under a new name. They’re not salvaging The Weinstein Company, rather saving those who are currently employed and creating a fund to help those who experienced harassment and abuse during Weinstein’s reign.
Hopefully, the new studio can tackle issues that have plagued a multitude of industries for too long, from pay disparities, lack of sufficient women in leadership roles, shortage of female-led films, and power imbalances. Sweet noted, “I have had a long-standing commitment to fostering women ownership in business. This potential deal is an important step to that end.”
It’s a new era, and Weinstein’s no longer calling the shots.