The Weinstein Company Sells Stake In ASmallWorld.Net
The Weinstein Company is an independent film studio that was founded by Harvey and Bob Weinstein. The company was founded in 2005 after the brothers left Miramax Films. The Weinsteins also started Miramax Films and retained ownership in that company too. Some of The Weinstein Company’s first films include Derailed, Transamerica, Hoodwinked, and The Matador. The Weinstein Company also owned a majority stake in aSmallWorld.Net up until recently.
The buyer is rumored to be Patrick Liotard-Vogt. The Weinsteins will retain a small stake in aSmallWorld.net going forward. Liotard-Vogt is part of the family that started Nestle Corporation. Erik Wachtmeister is the man behind aSmallWorld.net. The concept of the website is to be an invitation-only social network. The financial details are unknown.
The Weinstein Company is shedding assets in order to take care of a massive debt load. Financial consulting firm Miller Buckfire advised the Weinsteins to get back to the basics by focusing on just movies. The company also plans to reduce their workforce to below 100 people.This article was written by Amit Chowdhry. You can follow me at @amitchowdhry or on Google+ at +AmitChowdhry