How Harvey Weinstein Attained a $50 million Net WorthAllen Lee 6 months ago
Regardless Weinstein is set to stand trial. Consequently people are bound to be curious about his current net worth. There are no flawless statistics in this as in other situations which the members of the public may review. But that hasn’t stopped different parties from coming up with different estimates of its current net worth with examples ranging from $50 million to $150 million
How did Harvey Weinstein Reach His Current Net Worth?
For those wondering Weinstein and his brother have long been interested in the entertainment industries. In fact, the two started working at Harvey Corky Productions with a man named Corky Burger who was a promotional concert business specializing in rock concerts. This continued for much of the 1970s, during which time the Weinstein brothers piled up a lot of capital that could be used for something even more ambitious. By the 1990s, Miramax had built up enough credibility to convince Disney to pay $80 million for its ownership as the success of The Crying Game was enough. In exchange for that sum, the Weinstein brothers agreed to the sale. In addition, the Weinstein brothers succeeded in persuading Disney leadership to allow them to remain at the head of their film distributor business, allowing them to continue with minimal disruption in their revenue-earning activities. With excellent examples including The English Patient Good Will Hunting and Shakespeare in Love, Miramax went on to see more successes during this time. Finally the brothers of Weinstein decided to set up their own production company, which was renamed the Weinstein Company. This is where Weinstein worked when the allegations of sexual abuse came out which predictably had an enormous impact on the business. In short, three out of the nine board members resigned from their posts the day after the news came out, followed by a fourth resignation the next day. Soon enough it was announced that Weinstein had been fired from his position while the remaining leadership scrambled for a way to put the company back on solid footing. Something which the Board of Directors did not help with a fourth resignation. Efforts to restore the Weinstein Company to a solid footing failed in the end. There was a time when a group of investors seemed to buy the company out but when that deal fell through the company was forced to declare bankruptcy. Said investor group then came close to agreeing on a proposal to snap up the company’s assets in exchange for $500 million but that second proposal also fell through when it turned out the company had mislead Chapter 11 into bankruptcy. The Weinstein Company nowadays has a successor in the form of Lantern Entertainment that was formed when Lantern Capital Partners snapped up their properties at the bankruptcy auction in exchange for $289 million.