JAY-Z Reportedly Part of Group Looking to Buy Harvey Weinstein’s Stake in TWC
23% of the company Weinstein founded is now up for grabs
According to TMZ, JAY-Z is part of a group—along with another famous film producer and another billionaire—who are looking to purchase Harvey Weinstein’s 23% stake in The Weinstein Company, the movie production company Weinstein founded in 2005 and commandeered to widespread Hollywood and Oscar success. Following a bombshell New York Times report that exposed several sexual assault allegations against Weinstein, he was fired from the company that bears his name.
The report is light on financial details, but such a big interest in a company like TWC won’t come cheap. The studio was estimated to be worth roughly $150 million just two years ago by Forbes, and they’re an Academy Award machine. If this news is accurate, Jay wouldn’t be coming into this cold. He signed a first-look production deal with TWC a year ago and has already seen success with the first fruits of that partnership, The Kalief Browder Story. The follow-up TV project, a Trayvon Martin series, is already in pre-production. It’s believed that Jay would like his bridge with TWC to remain unburned despite the Harvey scandal, and wanting in on the ownership side is a mere echo of the ownership values Jay peddled on his recent 4:44 album.
It’s been an acquisition-heavy period for Jay over the last couple of years, who’s spent that time expanding his and Roc Nation’s portfolio significantly. In late 2014, he purchased TIDAL, then a Swedish streaming company, and reconfigured it for a relaunch several months later. Last year, he purchased Armaund de Brignac, the parent company of the Ace of Spades champagne brand.
Put him anywhere on God’s green earth.