weinstein-socialista

in Cipriani’s dimly lit “Socialista” lounge on West Broadway near Broome Street 

Screenshot 2019-10-25 at 4.22.03 PM - Edited

arrived looking thin, hunched over a walker he uses for back pain
and flanked by an entourage that included two younger women and two beefy men.

On Instagram this afternoon, Actors Hour released a statement claiming that Weinstein “was NOT invited by the organizer or anyone associated with the organization.” They apologized for his presence there: “We believe the people who spoke out were brave and justified and we fully encourage freedom of speech. We apologize wholeheartedly for the way the situation was handled.”
https://gothamist.com/news/video-two-women-confronted-harvey-weinstein-les-bar-got-thrown-out

It was the second time Weinstein had “turned up” to a performance.

[August 3 2010 Miramax: library controversy ]

take this waltz

take this waltz

The Weinstein brothers still own much of Miramax Films’ library, which includes such successful films as ‘Chicago’, ‘The Crying Game’, and ‘No Country for Old Men’. No one has yet announced how the library will be dealt with by the new owners. Whether the sale will further strain relations between Miramax Films and the Weinstein brothers, or if it will flow smoothly is a subject many are avidly following.

Disney: “We are delighted that we have found a home for the Miramax brand and Miramax’s very highly regarded motion picture library.”

Colony Capital, led by Chairman Tom Barrack, joined Tutor and other investors on July 29 in a $660 million accord to buy Miramax, whose main asset is more than 700 movies that have already been released. No new production is planned. Instead, the new owners intend to seek distribution arrangements for the half of the library that isn’t covered by TV agreements. Many of those agreements expire within three years, giving Tutor and Colony Capital the ability to sign new TV, Internet and other digital agreements,

In May 2000, the Weinstein brothers signed a new seven-year contract extension with Disney, which reportedly boosted the budget level at which they could “greenlight” films, while guaranteeing them a percentage of the profits from Miramax’s film library.

Miramax Film Corporation

Miramax Film Corporation


Mike Lang abruptly left his position as chief executive of Miramax after less than two years on the job. Given that Miramax doesn’t make movies anymore and only seeks to maximize its library, there must have been some serious personality clashes there. Lang said he will remain with Miramax as a consultant until a successor is found.

“The value of the Miramax film library and its iconic underlying brand is clear and the future is bright,” Richard Nanula, chairman of Miramax and a principal at Colony Capital, said in a statement.

Miramax’s chief financial officer, Steve Schoch, will serve as interim chief executive. But investors including Colony Capital, Ron Tutor and the investment arm of Qatar had already withdrawn the majority of their equity in a refinancing last year that added more than $500 million in debt. New distribution deals are expected to bring in $325 million in revenue over time.

Mike Lang was officially named CEO of Miramax, the new company formed by the Filmyard Holdings group in December, 2009, it was announced by Richard Nanula, who is now officially chairman of Miramax while remaining a principal at Colony Capital. Colony Capital and its founder Thomas Barrack were investors in the $663 million acquisition of Miramax from Disney which closed earlier this week, along with construction exec Ronald Tutor, the Qatar Holdings fund, actor Rob Lowe and others. “I have known and worked closely with Mike for almost 20 years and have always respected his talents,” said Nanula in a statement. “We are confident that he is the right person to lead Miramax in its next phase of growth.”

“I have always admired the Miramax library, which includes many respected titles and award-winning films,” said Lang, who will be based at headquarters in Santa Monica, California. “Based on the quality of these assets, I believe bringing new life to this library–by working with traditional and new partners–will be an exciting and unprecedented story of growth and innovation. I am honored by this opportunity, and I look forward to working with my partners as we build a new kind of media company.”

The new Miramax is not going to be making any movies, at least initially. However it is expected to staff up with sixty to eighty employees in the coming months to pursue deals to distribute the film library on multiple digital and online platforms, as well as through traditional home video and international sales opportunities.

Lang, who was 45 years old, consulted on the sale of Miramax to Filmyard after leaving his position as EVP, Business Development and Strategy at Fox Entertainment earlier this year. At Fox he oversaw strategic initiatives for the film studio, broadcast network, sports and cable channels and more. He is credited as playing a role in the acquisition of MySpace and creation of Hulu, as well as Fox’s mobile, digital and video game initiatives. Before joining Fox in 2004, Lang worked on various investments and was involved in strategic planning at Disney. He has an MBA from Harvard and a B.A. from Claremont McKenna College. In an interview with the Wall Street Journal’s All Things Digital website Wednesday, Lang said, “Our goal really want to send a signal that we are a different company, not only about digital, but in being an innovative company.”

Michelle Williams

Michelle Williams

Qatar Holdings, which invests for the Middle Eastern country’s royal family, is a major investor in the $663 million sale of Miramax Films by Disney. The investors put up about $200 million, while a group of banks led by Barclays raised debt of about $400 million. (Qatar Holdings holds a minority stake in Barclays). New York investment bank Jefferies & Co. helped raise the debt, while Mesa Global, an investment bank that includes Mark Patricof, formerly at CAA, was involved in valuating the assets. Mesa also has been a part of such deals as the sale of ContentNext and paidContent.org to the Guardian and recent funding for the theatrical troupe the Blue Man Group.

Filmyard Holdings, the group led by construction exec Ron Tutor and investor Tom Barrack, got about $50 million in cash that came with Miramax, another $10 million in adjusted fees and about 700 films in the library, many of which are licensed for theatrical, TV and video around the world for years to come. The deal completed December 3 includes the Miramax name, some 300 development projects, 90 book rights and a handful of finished films waiting to be distributed. Among the minority investors is actor Rob Lowe through a fund he created with Barrack’s Colony Capital.

Mike Lang, a former Newscorp executive, will be Miramax’s new CEO, but there are no immediate plans to hire top creative leadership.

 

Michelle Williams

Michelle Williams

 

Disney originally wanted a price close to $700 million, while most earlier investors valued the library at no more than $550 million – continuing disagreements about the valuation of Miramax’s 611-title film library.   The $660 million price will be reduced by about $50 million in cash on hand and existing sales contracts to license movies from the library worth more than $100 million. That would mean the investors have to come up with $250 million-$300 million in equity, with the remaining portion funded by bank debt.   Acquisition of Miramax Films from Disney by Filmyard Holdings — led by investors Ronald Tutor and Tom Barrack of Colony Capital — remains on track to close by year’s end. However.   In addition to Tutor and Barrack, the Miramax deal’s other investors include New York philanthropist Jerome Schwartz and Rob Lowe (through an investment venture the actor created with Barrack).

Michelle Williams and steadycam

Michelle Williams and steadycam

The Miramax deal is expected to close between Sept. 10 and the end of the year. Rob Lowe put up money to buy Miramax “The acquisition of a classic brand like Miramax is an exciting first step in my partnership with Tom Barrack and Colony Capital,” Filmyard Holdings, to pay more than $660 million — subject to certain adjustments, per Disney — for the rights to 700 library titles, plus the Miramax name, books, development projects and other assets.