An investor group has pulled out of a deal to buy the Weinstein Co., citing “disappointing information” about the viability of the sale, according to the Associated Press.
Businesswoman Maria Contreras-Sweet made the announcement in a statement, she did not offer more details about why the deal fell apart but said the group may still be interested in acquiring assets of the movie and TV studio out of bankruptcy proceedings.
The announcement came just days after Contreras-Sweet and the Weinstein Co. had revived the deal following arduous negotiations with New York State Attorney General Eric Schneiderman, who has filed a lawsuit against the company.
"All of us have worked in earnest on the transaction to purchase the assets of The Weinstein Company. However, after signing and entering into the confirmatory diligence phase, we have received disappointing information about the viability of completing this transaction," Contreras-Sweet said in a statement.
The Los Angeles Times reported the bid was worth $500 million, including $225 million in assumption of debt.
The studio has been trying to stave off bankruptcy since sexual assault and harassment accusations emerged last fall against its co-founder, Harvey Weinstein.