The afterlife of the Weinstein Co. continues.
On Thursday, Spyglass Media — which acquired the Weinstein Co.’s movie and TV library in a chapter public sale three years in the past — introduced that it had offered the majority of that library to Lionsgate Entertainment.
The sale is a part of a broader partnership, underneath which Lionsgate takes a 20% fairness stake in Spyglass, and Spyglass will get a first-look TV cope with Lionsgate. The monetary phrases weren’t disclosed.
The sale consists of three Quentin Tarantino movies — “Django Unchained,” “Inglourious Basterds” and “The Hateful Eight” — in addition to a number of different critically acclaimed Weinstein productions, together with “Silver Linings Playbook,” “The Kings Speech” and “Fruitvale Station.”
Lionsgate will get to pad its library of 17,000 titles. In change, Spyglass will get some working capital to give attention to growing new tasks. Gary Barber, who got here on board as Spyglass’ CEO two years in the past, stays in his function.
Lantern Capital Group, the Dallas-based personal fairness agency that purchased the Weinstein library for $289 million in 2018, stays the bulk proprietor of Spyglass. The opposite minority traders are Warner Bros. Photos Group, Eagle Photos, and Cineworld Group.
Spyglass will preserve about 70 titles, together with “Challenge Runway,” “The Upside,” and the forthcoming installment of the “Scream” franchise.
“This settlement continues to develop our priceless portfolio of IP whereas partnering us with Gary Barber, one of many main entrepreneurs and content material creators within the enterprise,” Lionsgate CEO Jon Feltheimer stated in an announcement. “It’s a win/win deal that creates vital incremental worth for each corporations whereas persevering with so as to add to our international content material distribution platform at a time when the demand for premium content material is larger than ever.”
Lionsgate has long been the subject of sale rumors. Amazon’s current acquisition of MGM for nearly $9 billion has raised expectations about what worth Lionsgate, or different smaller studios, would fetch on the open market.
In an announcement, Barber stated he was “grateful for the steadfast help from our strategic traders and am thrilled to align with Jon Feltheimer, Michael Burns and all our companions at Lionsgate as we look ahead to increasing our relationship in creating nice content material and exploring strategic alternatives collectively within the market.”
Andy Mitchell, founder and CEO of Lantern, additionally issued an announcement on behalf of himself and the minority traders: “Two years in the past, we have been excited to group up with Gary and have him do what he does greatest — construct Spyglass Media Group into a world premium content material firm and, in brief order, improve shareholder worth. As soon as once more, he efficiently exceeded these challenges, and we’re delighted to proceed the journey with him.”