Disney And Lantern Near Settlement For Weinstein Co. Film And TV Projects
As Lantern Entertainment looks to fully exploit the assets it acquired as part of its $289 million acquisition of Weinstein Co. assets, it is close to reaching a significant settlement with Disney, a stakeholder in some of the company’s film and titles.
A person familiar with the discussions between Lantern and Disney characterized them as constructive and among many similar negotiations happening with other rights holders, with the goal of removing any objections and disputes. The conversations toward a settlement were reported by Disney in a filing in U.S. Bankruptcy Court in Delaware.
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Disney has separately maintained that the Weinstein Co. owes it $6.8 million in outstanding payments connected to films Lantern did not pick up, including Scream 4 and The Matador.
Harvey and Bob Weinstein sold Miramax to Disney in 1993, eventually parting ways with the company a decade later and launching their own eponymous company in 2005. The Weinstein Co. filed for Chapter 11 bankruptcy protection in March 2018 after a series of industry-shaking revelations about alleged sex crimes and other misdeeds by Harvey Weinstein, who is facing criminal trial in New York and investigations by authorities elsewhere. Weinstein has maintained he never had non-consensual sex with any of the dozens of women who have accused him.
Lantern continues to hold discussions with a range of creditors over the fate of projects included in the bankruptcy sale. The private equity firm known for developing golf courses and resorts did not previously have any investments in entertainment before emerging early in the bankruptcy proceeding as the “stalking-horse” bidder for the Weinstein Co.
The Wall Street Journal first reported the settlement talks with Disney.
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