Weinstein Company poised to sell television division to ITV for nearly $1 billion


This post is in partnership with The Wrap. The article below was originally published at thewrap.com.

By Linde Ge, The Wrap

The Weinstein Company is in final negotiations to sell its TV division to British broadcaster ITV, an individual with knowledge of the deal told TheWrap.

The deal, if it comes together, will allow TWC to remain in control of managing the company and could be worth upwards of $950 million, with up to $400 million in payment upfront.

The company had been toying with spinning off its TV division since July 2014 and ended up with ITV after hearing bids from other suitors including Endemol and Sky.

Weinstein and ITV had no comment on the deal.

The company’s current TV executives include Marc Velez as SVP and Megan Spanjian as VP of scripted, and Patrick Reardon, hired in 2013, as SVP in charge of the company’s unscripted programming.

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