EXCLUSIVE: Goldman Sachs has sold its share of the Weinstein Company library to AMC Networks. The deal, for an undisclosed amount, will see AMC take on Goldman’s investment position in the library alongside insurance company Assured Guaranty Ltd. TWC will manage the library.
Goldman and Assured jointly took control of some 200 films and their recoupables in the Weinstein library in 2010, and received $115 million from the insurance company Ambac, as part of a restructuring that saved TWC from bankruptcy and wiped $450 million of debt off the company’s books.
Goldman was instrumental in raising $1 billion in equity and debt for TWC to launch in 2005.
The library will revert to the Weinstein Company when the remaining debt has been paid off by the films in question.
Although sources within both companies were keen to downplay the strategic significance of the AMC-Weinstein tie-up, describing it instead as a “simple money deal,” it does raise intriguing long-term possibilities. AMC owns and operates several media assets that could be complementary to TWC down the road, including IFC Films and TV outlets AMC, IFC, SundanceTV and WEtv. There also remains the question of what to do with Assured’s stake in the library. Informed sources tell Deadline the insurance company, while in no rush to sell, would entertain offers for its share but only if its price — reputedly on the high end of the spectrum — is met. Harvey Weinstein also is known to be close to AMC’s wealthy owners the Dolan family.
TWC is enjoying a strong start to 2015 with The Imitation Game and Paddington becoming critical and commercial successes. Marquee filmmaker Quentin Tarantino also commenced principal photography on his eagerly anticipated The Hateful Eight, while TWC-produced Netflix series Marco Polo recently was renewed for a second season.
Subscribe to Deadline Breaking News Alerts and keep your inbox happy.