The Weinstein Company is selling its television operations to the UK’s ITV Studios for an estimated $950 million, the NY Times reported.
Harvey and Bob Weinstein, the company’s co-chairmen, are expected to keep running the outfir, according to the same report. The deal is all in cash, starting off with a payment of more than $300 million.
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The cash infusion would be especially welcome as Harvey Weinstein is getting ready for the April 15 Broadway opening of his musical “Finding Neverland.”
Last November, the Weinstein Company hired investment bankers Allen & Company, and the Creative Artists Agency, to consult on a search for buyers for the TV division. They reportedly checked out content hungry Yahoo, Amazon and Google before getting a serious bite from British network ITV.
Weinstein’s television group is responsible for the Netflix series “Marco Polo” and reality-shows like “Project Runway.”
ITV is considered the largest production group in the UK. It produced in the U.S. the reality series “Cake Boss, ” “Duck Dynasty” and “Hell’s Kitchen.”
