Bob and Harvey Weinsteins new Weinstein Co. will get equity investment and debt financing from Goldman, Sachs & Co. Specific terms of the transactions were not disclosed. The two firms will work closely together over the coming months to officially launch The Weinstein Co. in October 2005.
In addition, Weinstein Co picked up North American distribution rights to Kanbar Ent.s CG-animated HOODWINKED: THE TRUE STORY OF RED RIDING HOOD, and announced plans to make a sequel to SIN CITY at the Cannes Film Festival, which is Dimension Films first entry in competition.
HOODWINKED!, an irreverent, SHREK-inspired take on the famous fable, is screening in the Cannes market. Kanbar Ent. bowed three years ago by SKYY Vodka inventor Maurice Kanbar and former Disney animation exec Sue Bea Montgomery.
Also, Weinstein Co. formed a strategic alliance with Rainbow Media that will encompass acquisitions, home entertainment distribution, foreign sales and theatrical distribution.
Rainbow Media owns and manages the national cable networks of AMC, IFC (The Independent Film Channel), WE: Women's Ent. and fuse, as well as the theatrical film arm of IFC Films.
Under the terms of the multi year agreement, Rainbow Media and The Weinstein Co. will co-own a film library targeted for television and home video rights, with titles to be selected by The Weinstein Co. and funded by Rainbow Media. Both parties will share equally in the distribution profits. Rainbow Media's national networks will also receive the first option for the U.S. television premieres for each available film.
As part of the agreement, The Weinstein Co. will also be the exclusive home entertainment distributor for Rainbow Media's theatrical arm, IFC Films, and for all original series, specials, documentaries and films produced by Rainbow Media's national entertainment networks: AMC, Independent Film Channel (IFC), WE: Women's Ent. and fuse.
Additionally, The Weinstein Co. will also become the first exclusive sales agent for the foreign rights for IFC Films.