Weinstein Co. Names Lantern Capital as Winner of Bankruptcy Sale

The Weinstein Company has chosen private equity firm Lantern Capital as the winning bidder in its bankruptcy sale, the studio announced Tuesday. The studio, besieged by sexual misconduct allegations against its co-founder, Harvey Weinstein, had initially claimed dozens of bidders were interested in the sale, but ultimately it came down to only three: Broadway producer Howard Kagan, Lantern Capital, and Sonar Entertainment. “Lantern’s bid clearly achieves the highest and best value for the estate and its creditors,” Ivona Smith, an independent member of the Weinstein board, said in a statement announcing the decision. Lantern Capital, which has no qualifications in the movie-making business, has a portfolio that boasts a zinc-recycling company and under-performing car dealerships, among other things. The company offered $310 million to take over the movie studio, as well as the assumption of about $115 million in debt. A bankruptcy judge still has to approve the sale.