LOS ANGELES _ The Weinstein Co. board of directors met Friday to consider bids for the beleaguered film and television studio, according to a person familiar with the matter who requested anonymity because the talks are private.
Bids came due this week, and the board members are expected to make a decision quickly as the company struggles to stay afloat amid the swirling sexual assault allegations against co-founder Harvey Weinstein.
The board, which includes Lance Maerov and Tarak Ben Ammar, must choose a bidder for continued negotiations. The directors are likely to come to a decision about how to proceed during the weekend, if not before, the source said.
A representative for the company did not respond to requests for comment.
Board members are said to be considering five or six serious offers for all or part of the company, the knowledgeable person said. Interest has been tepid, given the heavy legal liabilities that would come with any deal.
The Weinsten Co. has been under pressure to sell, file for Chapter 11 bankruptcy protection or shut down amid the billowing scandal. Weinstein was fired by the board in October shortly after sexual harassment allegations against him were first reported by the New York Times.
Bidders who have submitted offers include an investor group led by former Obama administration official Maria Contreras-Sweet. Under her plan, the company would get a new name, keep its approximately 150 employees and install a majority-female board of directors, according to people familiar with the talks.
Another bid came from New York production company Killer Content, which wants to buy Weinstein Co. assets and funnel some of the proceeds to women's charities.
A decision on what bidder to choose is likely to be just the beginning of a difficult process of figuring out how to move the business forward. Many financial experts familiar with the company have said the studio would probably need to go through a Chapter 11 bankruptcy process to complete a sale.
