Lantern Capital Partners will pay $287 million for The Weinstein Co. even though the two previously agreed on a price of $310 million, the troubled company's attorney, Paul Zumbro, said at a Delaware bankruptcy court on Friday.
Apparently, parties have made claims regarding intellectual property against TWC, so rather than delay the transaction further TWC agreed to simply drop the price as a way to protect Lantern.
Zumbro previously predicted the sale would close by the end of this month, though he said Friday it wouldn't officially close until the middle of next month, though insiders say Lantern will begin operating as if it owns the entity on July 1.
While Lantern was the only bidder for TWC, Inclusion Media, founded by Broadway producer Howard Kagan, had reportedly tried to outbid Lantern back in May with an offer of $325 million, though he needed an extension of the deadline if he was to do so, and it did not come through.
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