Women maneuver to take over Weinstein Co.

Screenshot 2017-11-20 at 07.17.24A former Obama administration official has submitted a bid to buy the Weinstein Co. and install a majority-female board of directors, in a surprising twist for the beleaguered film and television studio that has been trying to avoid bankruptcy.

Maria Contreras-Sweet, who ran the U.S. Small Business Administration from 2014 to 2017, sent a letter to the Weinstein Co. board of directors earlier this month offering to buy the company and assume liabilities related to its business operations.

Contreras-Sweet would become chairwoman of the Weinstein Co. board, according to a copy of the letter obtained by The Times. Her letter, first reported by the Wall Street Journal, did not include financial details.

“I believe we have now reached a crossroads where it is imperative that a woman-led board acquire control of the company and create content that continues to inspire audiences around the world, especially our young girls and boys,” Contreras-Sweet said in the Nov. 8 letter.

Weinstein Co. representatives did not respond to requests for comment.

Such a deal would be a remarkable development for the onetime indie film powerhouse, which has spent more than a month reeling from sexual harassment and assault allegations against its co-founder Harvey Weinstein. It remains to be seen how the all-male current board of directors will respond to the offer.

Los Angeles Times

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