Female investors purchase Weinstein Company

A group of women has turned the #MeToo moment that started the movement into a major #WeConquered achievement.

According to Glamour, a group of mostly female investors have purchased The Weinstein Company for about $500 million, taking over the tumultuous company from disgraced Hollywood big-wig Harvey Weinstein. Deadline reports that “the group is led by Maria Contreras-Sweet, who worked in the Obama administration as the head of the U.S. Small Business Administration,” and is “expected to run the new board of directors, which will be composed of mostly women.”

Offering that a new company will be created along with a new vision that will include placing women in positions of authority, Glamour reports that Contreras-Sweet aims to foster female leadership on all levels, saying she has always aimed to “build a movie studio led by a board of directors made up of a majority of independent women, save about 150 jobs, protect the small businesses who are owed money and create a victims’ compensation fund that would supplement existing insurance coverage for those who have been harmed.”

Further describing the aim of her new company, Contreras-Sweet offers that the company will revolve around honesty and a respect for women:

“The cornerstone of our plan has been to launch a new company that represents the best practices in corporate governance and transparency,” she said, according to Glamour. “I have had a long-standing commitment to fostering women ownership in business. This potential deal is an important step to that end.”

Read more about the deal to acquire The Weinstein Company here.

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