The Weinstein Company has lost Colony Capital as prospective buyer but is expected to fetch around $300 million in a sale to be completed by the end of November, an individual familiar with the negotiations told TheWrap.
There are 22 prospective buyers interested including Ron Burkle’s Yucaipa, Viacom, MGM and Lionsgate, the insider said. A condition of the sale would include the resignation of Co-Founder and Dimension Films President Bob Weinstein.
Moelis & Company Managing Director Carlos Jimenez is handling the sale on behalf of the TWC board.
After pulling $35 million in a pledged emergency cash infusion from the company, Tom Barrack’s Colony Capital is out of the race entirely, said the insider, but Fortress Investment Group is stepping up to provide the cash.