Return of ?the Punisher?

Not all of Weinstein?s new business ventures turned out badly. Project Runway, a reality show about fashion designers developed while at Miramax, is a global hit, becoming a foundation of the company?s growing TV division. But the others were a costly distraction: at one point the company was saddled with $480m of debt. Drastic action was required: Goldman Sachs, the company?s main lender, was given a library of 200 Weinstein movies as collateral. Goldman will keep the library, which produces income every year, until the debt, since cut to about $200m, is paid off. Halston and A Small World were sold while the company?s 200 staff was cut to about 80. Weinstein, the mogul who never backed down, earning as many enemies as friends in Hollywood for an abrasive, take-no-prisoners style, had, improbably as it seemed, conceded defeat. ?The ideas [for the other businesses] were sound but they were poorly executed,? he says with a sigh. ?I give myself full credit for the poor execution.?

Source: http://feeds.slate.com/click.phdo?i=42f0faf5acb703e320ecebed3f0212c6

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