Friday, August 23, 2019

MARK CUBAN MAY SUE WEINSTEINS OVER “THE ROAD”

April 22, 2010 by · Leave a Comment 

Even as Bob and Harvey Weinstein, together with their financial partner Ron Burkle, were focusing their attention on finalizing a deal to buy Miramax, they were being nettled by billionaire investor Mark Cuban, conducting himself the way he often does behind the players’ bench when his Dallas Mavericks basketball team is playing. Cuban is upset with the way the Weinsteins decided to release a movie he invested in, the post-apocalyptic The Road. The Weinsteins decided to “platform” the release, putting it out in a limited number of theaters and then widening it in subsequent weeks. But the film did mediocre business, and the Weinsteins never proceeded to widen it. Investors, including Cuban, took a bath. On Wednesday, Cuban told the Los Angeles Times that he had “issues” with the Weinsteins over the movie. (Some early reports had indicated that as an investor in The Weinstein Co., he was angling to halt the Miramax deal, but there was no indication that such was actually the case.) Cuban told the Times that unless he was able to resolve the matter, “we may have no choice but to take the advice our lawyers have given us.” Meanwhile, several reports indicated that the Weinsteins and Burkle are close to wrapping up to buy Miramax from Disney, the company that the Weinsteins founded and later sold to Disney, and that an announcement could be expected within the next few days. (Bloomberg News, citing people with knowledge of the negotiations, said on Wednesday that the deal could be completed in 48 hours.)