Weinstein Co. Buys Time to Seek a Buyer With Paddington Deal

Weinstein Co., the embattled studio cofounded by disgraced producer Harvey Weinstein, raised enough from the sale of distribution rights to the film “Paddington 2” to fund operations while it seeks a buyer, according to a person familiar with the matter.

Warner Bros. paid $32 million for the children’s movie about an anthropomorphic bear in London, said another person, who asked not to be identified discussing private information. The film studio owned by Time Warner Inc. also has the right of first refusal to distribute a future “Paddington” project, the second person said. Weinstein Co. and Studiocanal, which financed the film, will share proceeds from the Warner deal, the person said.