Business

Surprise Weinstein Co. Bidder — A former Obama Official — Proposes Female-Majority Board

By Ryan Faughnder
Los Angeles Times

WWR Article Summary (tl;dr) If the deal goes through, former SBA Chief Maria Contreras-Sweet could become chairwoman of the Weinstein Co. board. As a condition of the deal with Contreras-Sweet and her financial backers, the company would have to set up a mediation process and litigation fund to compensate alleged victims of Weinstein.

Los Angeles Times

A former Obama administration official has submitted a bid to buy the Weinstein Co. and install a majority-female board of directors, in a surprising twist for the beleaguered film and television studio that has been trying to avoid bankruptcy.

Maria Contreras-Sweet, who ran the U.S. Small Business Administration from 2014 to 2017, sent a letter to the Weinstein Co. board of directors this month offering to buy the company and assume liabilities related to its business operations.

Contreras-Sweet would become chairwoman of the Weinstein Co. board, according to a copy of the letter obtained by The Los Angeles Times. Her letter, first reported by the Wall Street Journal, did not include financial details.

“I believe we have now reached a crossroads where it is imperative that a woman-led board acquire control of the company and create content that continues to inspire audiences around the world, especially our young girls and boys,” Contreras-Sweet said in the Nov. 8 letter.

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