On March 7, Maria Contreras-Sweet announced in a statement that the investor group had "received disappointing information about the viability of completing this transaction" and would not be buying the Weinstein Company after all. "I believe that our vision to create a women-led film studio is still the correct course of action. To that end, we will consider acquiring assets...as well as other opportunities that may become available in the entertainment industry," she added.
The Weinstein Company will likely file for bankruptcy, Vanity Fair reported.
I remain committed to working to advance women’s business ownership in all sectors and to inspire girls to envision their futures as leaders of important companies.”
A group of women hoping to bring some justice to Hollywood rescued the Weinstein Company from the brink of bankruptcy on Thursday, the New York Times reported.
But they have no intention of reviving the old Weinstein Company, disgraced by the sexual abuse scandal of its namesake Harvey Weinstein.
The group of primarily female investors, led by Maria Contreras-Sweet, the former head of the US Small Business Administration under President Barack Obama, plans to usher the Weinstein Company into the post-#MeToo era.
In a statement, Contreras-Sweet said the mostly-female investing group plans to "launch a new company, with a new board and a new vision that embodies the principles that we have stood by since we began this process [of buying the Weinstein Company] last fall."
Weinstein himself was fired by the studio that he helped found in October as sexual misconduct allegations against him emerged and he resigned from its board shortly after, the New York Times reported. And neither Weinstein nor his business partner and brother, Bob, will benefit from the sale.
“I have had a long-standing commitment to fostering women ownership in business,” Contreras-Sweet said in a statement. “This potential deal is an important step to that end.”
Last October, the New York Times published an investigative report detailing allegations of decades of sexual assault and harassment by Weinstein, prompting dozens more women to come forward with accusations against Weinstein. Hundreds of thousands of women around the world were encouraged by these stories to say #MeToo and break their silence, sharing their own experiences of sexual abuse in the workplace.
After months of hearing these stories and championing action, it seems like justice is finally being served in some small part, and people couldn’t be happier.
Smashing the patriarchy one Weinstein at a time. https://t.co/6acc1f3rXt— anna (@iamannaiam) March 4, 2018
This is a pretty satisfying next chapter. Former Obama SBA head leads group of women who bought the Weinstein Company: https://t.co/w63jYEin96 Can’t wait to see the projects they will green light in coming years.— Tammy Gordon (@tammy) March 4, 2018
I've been complaining that the predators ousted by #MeToo haven't (w/notable exceptions, like @NPR) been replaced by women. But women buying Weinstein Co is a great development. https://t.co/hFKdMBng3o— emptywheel (@emptywheel) March 4, 2018
Karma. Out of the ashes of Weinstein, a majority female investor group is going to build a movie studio led primarily by women.— Jo Bostock (@Jobostock) March 4, 2018
It will save about 150 jobs, protect the small businesses who are owed money & create a victims’ compensation fund.
Global Citizen campaigns in support of gender equality and the elimination of discrimination. Pervasive sexual harassment and assault in the world’s biggest entertainment industry shows just how widespread this problem is. You can take action here to call for the strengthening of laws preventing sexual violence.