Mar 2, 2018

Weinstein Co. bailout deal reached

Dan Primack, author of Pro Rata

Harvey Weinstein. Photo by Yann Coatsalious/Getty Images

An investor group led by Maria Contreras-Sweet and Ron Burkle has agreed to a $500 million takeover of The Weinstein Co. — including $275 million in new investment and $225 million to pay off debts — which will keep the troubled studio out of bankruptcy. The deal also reportedly includes a $90 million victims compensation fund and a 40-day closing period.

Why it matters: Because this bailout seemed dead and buried, only to be revived Thursday in a marathon negotiating session in the offices of NY Attorney General Eric Schneiderman.

Bottom line: Harvey and Bob Weinstein get nothing.

Go deeper

Updated 1 hour ago - Politics & Policy

Coronavirus dashboard

Illustration: Sarah Grillo/Axios

  1. Global: Total confirmed cases as of 3 p.m. ET: 6,703,686 — Total deaths: 393,393 — Total recoveries — 2,906,748Map.
  2. U.S.: Total confirmed cases as of 3 p.m. ET: 1,885,197 — Total deaths: 108,708 — Total recoveries: 485,002 — Total tested: 18,680,529Map.
  3. Public health: WHCA president says White House violated social-distancing guidelines to make reporters "a prop" — Jailing practices contribute to spread.
  4. States: Cities are retooling public transit to lure riders back.
  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.

Minneapolis will ban police chokeholds following George Floyd's death

A memorial for George Floyd at the site of his death in Minneapolis. Photo: Steel Brooks/Anadolu Agency via Getty Images

Minneapolis has agreed to ban the use of police chokeholds and will require nearby officers to act to stop them in the wake of George Floyd's death, AP reports.

Why it matters: The agreement between the city and the Minnesota Department of Human Rights, which has launched an investigation into Floyd's death while in police custody, will be enforceable in court.