Tom Barrack’s Colony Capital in talks to acquire Weinstein Co.

Colony founder is a longtime friend and adviser to President Trump

TRD LOS ANGELES /
Oct.October 16, 2017 10:00 AM
Photo illustration. From left: Tom Barrack, Harvey Weinstein (Credit: Getty Images)

Tom Barrack’s Colony Capital might just be the lifeboat for Harvey Weinstein’s sinking empire.

The multibillion-dollar investment firm, founded by Barrack, is in talks to potentially acquire Weinstein Co. after Weinstein was ousted amid a sea of allegations of sexual harassment and rape, Bloomberg reported.

Colony would give Weinstein Co. a much-needed cash infusion, and would potentially come to own the film and television studio, according to a Weinstein Co. statement released Monday.

“We believe that Colony’s investment and sponsorship will help stabilize the company’s current operations,” Weinstein board member Tarak Ben Ammar said in the statement.

Weinstein was fired from his own company on Oct. 8, just three days after the New York Times published an expose on the film mogul’s three-decades-long history of alleged sexual harassment. Other reports indicated the company’s board was aware of his behavior. He has since been expelled from the Academy of Motion Picture Arts and Sciences.

In addition to founding Colony, Barrack — who was chairman of President Trump’s inaugural committee and is his longtime friend — made his fortune off deals with Middle Eastern millionaires and by flipping bad German loans. He’s saved struggling elites in the past — he once rescued Annie Leibovitz and Michael Jackson from financial troubles.

“We will help return the company to its rightful iconic position in the independent film and television industry,” Barrack said. [Bloomberg] – Natalie Hoberman


Related Articles

arrow_forward_ios
Colony Capital's Thomas Barrack

Tom Barrack’s Colony Capital snags $1.7B refi on healthcare properties

As Colony Capital’s stock tanks, Tom Barrack returns

As Colony Capital’s stock tanks, Tom Barrack returns

Colony fires Rick Gates after 12-count indictment

Colony fires Rick Gates after 12-count indictment

Tom Barrack’s Colony Capital backs out of Weinstein Co. deal

Tom Barrack’s Colony Capital backs out of Weinstein Co. deal

Tom Barrack’s messiah complex: Colony chief has a history of high-stakes rescues

Tom Barrack’s messiah complex: Colony chief has a history of high-stakes rescues

Colony Capital’s Tom Barrack in running to become ambassador to Mexico

Colony Capital’s Tom Barrack in running to become ambassador to Mexico

Real estate company mergers are exploding this year

Real estate company mergers are exploding this year

Tom Barrack’s capitol gains

Tom Barrack’s capitol gains

arrow_forward_ios