Jan 4, 2018

Report: Weinstein Co. could sell for less than $500 million

Photo: Chris Pizzello / AP

The Weinstein Co. film studio, founded by disgraced Hollywood producer Harvey Weinstein, is close to a sale for less than $500 million, The Wall Street Journal reports. Shareholders may lose all of their equity, sources tell The Journal. Roughly half of the acquisition would be debt. Operating expenses and legal bills would likely strip the current owners from receiving any cash from a sale at that price, sources added.

Why it matters: Movie releases and corporate logistics have been in limbo since Weinstein was ousted from the company after dozens of high-profile accusations of sexual assault. A sale would be a refresh for the company, its investors (WPP Group, Goldman Sachs, Softbank) and its Hollywood contractors.

Sources tell the Journal that roughly 20 bids have come in for the company since December, and that the Weinstein Co.'s owners and board of directors have narrowed down a list of six potential buyers. Some of the bidders are interested only in certain assets of the company, like its television production company or film library.

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Biden formally secures Democratic presidential nomination

Joe Biden speaks at Delaware State University's student cente on June 5. Photo: Jim Watson/AFP via Getty Images

Former Vice President Joe Biden became the formal Democratic presidential nominee on Friday evening, per AP.

The big picture: Biden has been the presumptive frontrunner to take on President Trump since Sen. Bernie Sanders suspended his campaign in early April.

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Illustration: Sarah Grillo/Axios

  1. Global: Total confirmed cases as of 9 p.m. ET: 6,724.516 — Total deaths: 394,018 — Total recoveries — 2,996,832Map.
  2. U.S.: Total confirmed cases as of 9 p.m. ET: 1,894,753 — Total deaths: 109,042 — Total recoveries: 491,706 — Total tested: 19,231,444Map.
  3. Public health: WHCA president says White House violated social-distancing guidelines to make reporters "a prop" — Jailing practices contribute to spread.
  4. Sports: How coronavirus could reshuffle the sports calendar.
  5. Jobs: Better-than-expected jobs report boosts stock market.
  6. Media: The Athletic lays off 8% of staff, implements company-wide pay cut.

Scoop: German foreign minister to travel to Israel with warning on annexation

Heiko Maas. Photo: Michael Kappeler/picture alliance via Getty Images

German Foreign Minister Heiko Maas is expected to travel to Israel next week to warn that there will be consequences if Israeli leaders move forward with plans to annex parts of the West Bank, Israeli officials and European diplomats tell me.

Why it matters: Israeli and European officials agree that if Israel goes ahead with unilateral annexation, the EU will respond with sanctions.