Weinstein terminates stake in Genius Products-paper
Sept 15 (Reuters) - The Weinstein Co has terminated its 70 percent interest in home-video distributor Genius Products, the New York Post reported, citing sources close to the situation.
The termination was due to the decision by Genius Products to exit the home-video distribution business, the paper said.
On Sept 14, Genius Products agreed to sell exclusive distribution rights to a collection of brands, including World Wrestling Entertainment, Sesame Street, Classic Media and RHI Entertainment, to Vivendi Entertainment (VIV.PA).
According to the paper, Weinstein, in turn, struck its own deal with Vivendi, which will distribute Weinstein movies on the home-video channel.
Neither Weinstein noe Genius Products could be reached for comment.
While it lost $400 million on paper, a source told the Post Weinstein is "not out any money", as it got the bulk of the stake in exchange for distribution rights to its movies and made only a small financial investment in Genius.
Harvey and Bob Weinstein founded Weinstein Co after they sold Miramax Films, the powerhouse studio behind such 1990s movies as "Pulp Fiction" and "Shakespeare in Love," to Walt Disney Co (DIS.N) in 2005. (Reporting by Chakradhar Adusumilli in Bangalore; Editing by Dan Lalor)
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