JAY-Z Plans To Buy Harvey Weinstein’s Share Of The Weinstein Company
It has been quite a controversial week for Harvey Weinstein after decades of sexual harassment allegations against him came to light. Now, new reports suggest that rap mogul JAY-Z is looking to buy the film producer’s share in The Weinstein Company after being fired recently.
According to TMZ, the 47-year-old 4:44 hitmaker is considering to purchase Harvey’s interest in the company, which he co-founded. The webloid claimed that sources connected to JAY-Z revealed that he is currently in talks to acquire Weinstein’s 23 percent stake in TWC (The Weinstein Company).
The gossip outlet also cited that JAY-Z is teaming up with an investment group, which includes a famous movie producer and a billionaire. However, no further details have been disclosed about the identity of the said investors.
It was also pointed out that JAY-Z has had a working relationship with Harvey and TWC. Apparently, the father of three produced Time: The Kalief Browder Story, a six-part documentary which premiered in March.
Aside from that, the rapper has other upcoming projects with the company, including an adaptation of Lin-Manuel Miranda’s In The Heights, a Trayvon Martin miniseries, a program exploring race in America, and a Richard Pryor biopic.
Despite Harvey’s termination from the company, JAY-Z still wants to expand his relationship with TWC by “acquiring a substantial equity stake in it.”
So far, JAY-Z and his team have yet to confirm such claims.
Meanwhile, TWC has been feeling the heat of Harvey Weinstein’s sexual harassment controversy. The studio recently lost a massive loan after a major film financier pulled out the deal following Harvey’s termination.
AI International Holdings lent a $45 million loan to TWC last year. However, the company sent a letter to TWC demanding to have the money returned immediately.
In the documents, AI reiterated that “the dismissal of Harvey Weinstein from his position as co-chairman” constitutes a “material adverse change.”
TWC is also facing a lawsuit in the wake of Weinstein’s scandal. According to reports, former Paramount President of Production Brad Weston and producer Michael Menchel filed the complaint against the company for allegedly violating their contract for the movie One Chance.
The lawsuit claims that the complainants accepted a reduced fee for their work in exchange for “back-end profits.” Apparently, TWC promised that they will run the movie on 800 screens, but only ended up on 43.
Weston and Menchel are demanding $1.25 million each.
As of the moment, Harvey Weinstein and TWC have yet to comment on the issues.
[Featured Image by Dave Kotinsky/Getty Images]
