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Weinstein Co. files for bankruptcy, to be purchased by Dallas-based company

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Andy Mitchell, left, who co-founded Lantern Capital Partners, has agreed to purchase The Weinstein Company. Harvey Weinstein, right, was fired from the studio last fall. (LEft: Courtesy Lantern Capital Partners, right: Sam Aronov/Pacific Press/Zuma Press/TNS)

Dallas-based Lantern Capital Partners has agreed to purchase The Weinstein Co. as part of the movie studio’s bankruptcy filing late Monday.

Lantern Capital co-founders Andy Mitchell and Milos Brajovic are making their first investment in the movie business by agreeing to continue to operate The Weinstein Co. as a going concern. The movie company has estimated assets of $225 million, including a 277-film library and the television show Project Runway.

The agreement is pending the approval of the U.S. Bankruptcy Court in Delaware.

Mitchell and Brajovic said in a statement Monday that they believe they can “improve the performance of the company’s businesses with the utmost respect to all employees and promote a diverse and transparent environment.”

Variety reported Lantern’s bid is somewhere in the range of $300 million to $320 million, according to one source, while it quoted a second source that said it was substantially higher, at almost $450 million. Both figures are less than the $500 million bid from billionaire Ron Burkle and others, which collapsed in early March. Lantern Capital was also part of the earlier bidding.

The studio has been financially rocked since October when The New York Times and The New Yorker reported decades of sexual harassment by Harvey Weinstein, who has denied “nonconsensual sex.” Weinstein was fired by the company’s board last fall.

Weinstein used non-disclosure agreements as a secret weapon to silence his accusers, reports have said. Effective immediately, those “agreements” end, the company said, adding it “expressly releases any confidentiality provision to the extent it has prevented individuals who suffered or witnessed any form of sexual misconduct by Harvey Weinstein from telling their stories.”

ROCKIN’ RADIO NEWS
KMVQ-FM, radio station 99.7 playing pop hits in the Bay Area since 2010, has announced a big promotion: midday on-air personality Shan (aka Shannon Clark) has been named producer of the station’s morning show Fernando & Greg (featuring Fernando Ventura and Greg Sherrell). Not so incidentally, Shan got her start on that show, as a station intern, in 2011.

BBB SCHOLARSHIP TIME
“Beach Blanket Babylon” producer Jo Schuman Silver once again invites show-biz minded high school seniors to apply for a scholarship in its 16th annual program. Winners in acting, dancing and singing categories will earn $15,000 toward their college education after competing with a three-minute performance at Club Fugazi, the North Beach home to the iconic, hat-filled San Francisco musical revue. Submissions (visit www.beachblanketbabylon.com for details) must be made by April 27; finalists will perform for celebrity judges June 4.

HAPPY BIRTHDAY
Actress-comedian Rosie O’Donnell is 56 … Actor Matthew Broderick is 56 … Actor Gary Oldman is 60.

Tribune News Service contributed to this report

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