Aug 14, 2009 06:03 PM
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Hollywood, 8:07 AM
Tue Feb 9
55 posts in the last 24 hours
Guest of a Guest has a tip that Harvey Weinstein is trying to sell the Weinstein Co.'s stake in A Small World, a useless "Facebook for millionaires" that the company stupidly invested in three years ago.
"Weinstein has been shopping around his stake in a small world. He needs liquidity fast, willing to take a heavy discount (as in 50% or more), the sharks should be circling soon."
We checked up their tip with a source close to the Weinsteins and got confirmation that the company did at least entertain the idea of selling its share in A Small World. "They were approached by an interested party and were willing to hear what they had to say," says our source.
As we've mentioned from time to time, the Weinstein Co. is in a tight spot. If Inglourious Basterds and Halloween II don't do gangbusters, it might not have enough cash on hand to promote the rest of its 2009 slate of films. Selling their share of A Small World probably wouldn't generate much — it was never revealed how much they paid for their stake in 2006 — but desperate times call for scrounging for pocket change wherever you can find it.
A Small World—which is supposed to be an exclusive digital playground for the hyper-rich—can't be a growth business in the midst of the worst economic calamity since the Great Depression. The Weinsteins might just be cutting bait, and that might even be a smart move irrespective of their larger financial picture.
Send an email to the author of this post at john@gawker.com.
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