Weinsteins, Regaining Strength, Take Control Of Starz
Bob and Harvey Weinstein are returning to the home-video business, this time as 25-percent owners of John Malone's Starz Media, a unit of Malone's Liberty Media conglomerate. Starz Media operates the video distribution company Anchor Bay Entertainment, which acquires rights to release new Weinstein Co. films on DVD and other digital media. The deal is the first for The Weinstein Co. since last June, when it discarded unrelated -- and unprofitable -- clothing and Internet businesses and swapped some 200 of its movies for hundreds of millions of dollars in debt. Earlier the Weinsteins had acquired a 70-percent stake in the video and CD distributor Genius Products only to see the company's business go south. Under the deal with Liberty, Starz Media will continue to be run by its present management. "This is different because we're more mature now and we're not creating this from the ground level," Harvey Weinstein told today's (Wednesday) Los Angeles Times . "With Genius, Bob and I made a lot of mistakes. But with the structure already in place, we won't do that again." In a separate interview with Sharon Waxman of TheWrap.com, Weinstein added, "We're concentrating on the things we are good at. The minute we started doing just that, the company has come alive."