The Weinstein Co. Sold!!! Relaunching as New Co.

3/1/2018 3:54 PM PST

The Weinstein Co. Sold to Ron Burkle's Investment Group

Breaking News

The Weinstein Co. is off life support -- an investment group backed by Ron Burkle has agreed to buy the flailing company.

The investment group and The Weinstein Co. struck a deal Thursday in the office of New York's Attorney General Eric Schneiderman, but some details still have to be ironed out. TWC Chairman Bob Weinstein reportedly sat down with Burkle and his investing partner, Maria Contreras-Sweet, and Schneiderman lent a huge hand in reviving the deal that had broke down twice.

Maria says TWC will launch as "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 last fall."

Under the deal, Bob will leave the company. "Wonder Hill" is reportedly one of the new names being floated around, and there are plans to install a female-majority board of directors.