Film accounting software may keep Weinstein Company on track

Fri Jun 25 2010 13:06

The Weinstein Company may have found film accounting software useful.

Independent movie studio The Weinstein Company may be making use of film accounting software as it has reportedly agreed a deal with Goldman Sachs to eliminate its debt, according to an insider.

The film corporation has reportedly come to an agreement to eliminate its debt of $450 million (£302 million) with Goldman paying $115 million to take ownership of 250 films with $225 million in receivables and future cash flow that should remove the debt.

Among the films making up part of the deal are Oscar winners The Reader and Vicky Cristina Barcelona and the 2007 version of horror franchise Halloween.

Brothers Harvey and Bob Weinstein founded The Weinstein Company in 2005 but they have had mixed success with hits - such as Inglourious Basterds and Scary Movie 4 - and poorer performers, like the big-budget musical Nine.

The duo are known for founding Miramax Films, which released movies such as Pulp Fiction.