The Weinstein Co. is gearing up to try and buy back the lost portions of its library as Goldman Sachs sells its stake in the portfolio, according to a story from Rachel Abrams at Variety that broke Tuesday afternoon. If TWC's bid is ultimately successful, it will cap the company's years-long retrenchment after a financial restructuring and a failed attempt to expand beyond film into other media.
From the Variety piece:
Reacquisition would allow TWC to start profiting from those movies again, and a larger library would mean a stronger borrowing base for future transactions, as well as an opportunity for future licensing agreements combined with TWC's current library of more than 150 titles. The company has been servicing the library and its various licensing agreements, while Goldman has kept the money the films generated as repayment for a 2005 loan. Not all of the films received a theatrical release, but TWC inked ancillary deals to generate revenue.
Under the terms of the 2010 agreement, the movies could return to the Weinsteins once Goldman recouped its money; the bank helped launch TWC by raising $1.2 billion.
Among the titles up for grabs are "Vicky Cristina Barcelona," "Halloween II" and "The Road," and re-acquisition by TWC would allow it to exploit the properties in new ways.
Success in reclaiming the full library would have great symbolic value for TWC chairmen Harvey and Bob Weinstein, too, since their recent re-focusing on their core specialty-film expertise has led to back-to-back best picture Oscars for "The King's Speech" and "The Artist." The Weinsteins' legacy is the unique movies they make -- Quentin Tarantino's upcoming spaghetti Western "Django Unchained" a prime example -- and getting them all back under one roof would be like having all the kids home for the holidays.