Netflix terminates contract with Weinstein Company, removes company’s credit from 'Peaky Blinders'
The U.S. Bankruptcy Court has on Wednesday given Netflix the approval to terminate all its output deals with The Weinstein Company
Netflix has received the U.S. Bankruptcy Court's approval on Wednesday to terminate all its output deals with The Weinstein Company. This means that the streaming service will no longer air the third season of MTV's 'Scream', the TV adaptation of the horror film franchise of the same title. It has also been agreed that Netflix will be streaming the Birmingham-period-saga 'Peaky Blinders' without the name of The Weinstein Company.
The agreement which was filed on July 18 mentions that the Texas-based private equity firm Lantern Entertainment has purchased the company for $289 million after Harvey Weinstein's sex scandal and will be working towards reviving the company from its current state.
Although the company's assets are now closed, there are still a few deals to be made in response to the multiple objections over Lantern's assumption of the contract. However, in the papers released by Delaware Bankruptcy Court, it has been made clear that the output deal between The Weinstein Company and Netflix has been terminated. This means that Netflix will no longer be obligated to accept delivery or make payments to motion pictures, television shows or any other content that hasn't been delivered by July 11.
However, the animated series 'Spy Kids', which is based on Robert Rodriguez's film franchise of the same title, will continue to air on Netflix. On the other hand, the agreement has also resolved Netflix's dispute over 'Peaky Blinders', the series which is set in the early 1920's Birmingham in the aftermath of the First World War and follows the story of the infamous Shelby family. Netflix will not be using the Weinstein card to stream the show, according to a report in Deadline. The decision reportedly came from the production company Caryn Mandabach Productions and Tiger Aspect Productions — which have produced the series that airs on BBC Two — along with the overseas distributor Endemol Shine International.
The show was originally brokered by The Weinstein Company, who is no longer a credited producer of the period saga, to carry it in the US in 2013 when it took U.S. TV and VOD rights for the first three seasons. In fact, it was The Weinstein Company who made the deal for Netflix to carry the show in the States due to which a presentation card appeared on the series.
Endemol Shines, the production company which has its name attached to shows like 'Black Mirror', 'Big Brother, 'Hunted', 'Master Chef', and 'Peaky Blinders', had reportedly attempted to claim that Weinstein TV had breached a deal that arose from Weinstein's misconduct, and that Netflix had withheld $1.6 million in licensing fees to both Endemol and The Weinstein Company without any clarity about which company actually controlled the rights to the show.
The accusations against Harvey Weinstein has seen his name being removed from some of the biggest streaming shows including two expensive original dramas at Amazon — one of which stars Robert De Niro in a drama directed by the 'Silver Lining Playbook' director David O Russell. Apple too removed a 10-part series about Elvis Presley which The Weinstein Company was set to produce. The other shows which will remove Weinstein's name from their list of credited producers include History's 'Six', Kevin Costner's drama 'Yellowstone' and 'Rest in Power', 'Rest in Power: The Trayvon Martin Story', and the six-part adaptation of 'Les Miserables' which is being produced by BBC.
Amid all the rejection that he has faced, Weinstein seems to have some leftover dignity as he has removed his own name from Benedict Cumberbatch's drama 'The Current War' right before the company terminated him. He was also removed by Disney as a producer of 'Artemis Fowl'.