FEBRUARY 25 2012 18:03h
Report: Weinstein Co. scores new financing
The new deal with Union Bank of California allows Bob and Harvey Weinstein to pay off bridge loans from Goldman Sachs and Ziff Brothers taken out to avoid going under in 2009 and 2010, a source familiar with the transaction told the Times.
The source said the $139 million earned by "The King's Speech" was enough to help Weinstein Co. swing more-favorable terms from the bank. The company's latest flagship release, "The Artist," has thus far brought in $29 million but is up for the Academy Award for best picture.
The Times said paying off Goldman Sachs' $50 million loan would give Weinstein back its control over the 200 films from its library.
HOLLYWOOD, Feb. 25 (UPI) -- Hollywood's Weinstein Co. rode the success of "The King's Speech" into calmer seas with a $150 million financing package, sources told the Los Angeles Times.