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The Weinstein Co. Nearing New $370M Credit Facility (Report)

6/12/2014

By Josh Dickey
TheWrap

The Weinstein Co. is closing in on a $370 million credit facility that will replace a pair of existing financing arrangements, new funds the company intends to use for expansion via acquisition, the Wall Street Journal reported Thursday.

TWC, meanwhile, has been in deal talks with Miramax, whose new chairman Tom Barrack told the Journal is seeking to sell the library or begin film production with a partner, the Journal said. TWC did not immediately respond to the TheWrap's request for comment.

Also read: Miramaxs New Chairman on Its Future: We Need New Product and the Scent of New Films

TWC's new financing arrangement, arranged and syndicated by Union Bank N.A., offers "flexibility and the potential for growth, including the acquisitions of companies and [content] libraries," TWC COO David Glasser told the Journal. Its expected to close within a few weeks.

Harvey and Bob Weinstein founded Miramax in 1979, and made an enormous effort to reacquire it during Disney's 2010 sale. They lost that deal to a consortium led by private-equity firm Colony Capital, LLC.

Also read: Richard Nanula Resigns from Miramax, Colony Capital; Thomas Barrack to Head Library

Barrack reiterated to the Journal that hes interested in restarting film production at Miramax, which has focused solely on monetizing its library since the sale. He also said hed prefer to do it through a partnership with the Weinsteins.

Citing people close to the talks, the Journal said the Miramax valuation has been one sticking point the paper said Barrack values it at close to $1 billion, though it sold three years ago for $660 million and has added no new content.

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