Investor group led by former Obama official buys Weinstein Co.

Weinstein Company
An investor group will purchase the embattled Weinstein Company for $500 million. (Image: Weinstein Company)

The Weinstein Company has found a deal to sell its assets to an investor group led by former Obama administration official Maria Contreras-Sweet, who served as the head of the Small Business Administration.

According to the Washington Post, the group also includes billionaire Ron Burkle. Weinstein Company said the deal provides a “clear path for compensation for victims and protects the jobs of our employees.”

The price for the deal is reportedly set at $500 million, which includes a $225 million assumption of debt.

Last month, Variety said that the deal talks had been revived after Burkle and Contreras-Sweet met with New York State Attorney General Eric Schneiderman. That meeting occurred after Schneiderman’s office filed a discrimination suit against Weinstein Co.

RELATED: Weinstein Company lands investment with option to buy from Colony

Last year, Weinstein Co. managed to secure an investment with an option to buy from Colony Capital.

“We believe that Colony's investment and sponsorship will help stabilize the Company's current operations, as well as provide comfort to our critical distribution, production and talent partners around the world. Colony's successful experience and track record in media and entertainment will be invaluable to the Company as we move forward,” said TWC board member Tarak Ben Ammar in a statement.

But Colony eventually withdrew the offer.

The sale of Weinstein Co. comes after months of dealing with the backlash from allegations of sexual misconduct and rape by Harvey Weinstein, who was fired from the company in 2017.