Weinstein Co. May Sell Stake in TV DivisionAnousha Sakoui
Weinstein Co., the studio owned by brothers Harvey and Bob Weinstein, is considering options for its TV business, producer of the hit cable show “Project Runway,” including selling a stake in the unit.
David Glasser, chief operating officer, said in an interview yesterday that the New York-based company “is looking into opportunities to sell a stake” in the division.
The industry has seen a flurry of deals as cable providers and networks vie for programming. In May, the U.K.’s ITV Plc agreed to buy a controlling stake in Leftfield Entertainment Group, producer of “Pawn Stars,” for $360 million. Billionaire John Malone’s Liberty Global Plc and Discovery Communications Inc. clinched a deal to buy All3Media in a deal valuing the company at 550 million pounds ($932 million).
The brothers are looking to partner with a digital company in exchange for a stake in the business, and also could hire an investment bank to raise funds as part of plan to expand the unit or take it public, according to a spokesman.
The company’s TV unit is led by Meryl Poster, former president of production for Miramax Films, the Weinsteins’ old company. The division also produced the reality series “Mob Wives” and announced plans in January to offer an original TV series about explorer Marco Polo on Netflix Inc., the largest subscription streaming service.
The New York Times reported July 2 on plans to spin off the TV unit.