Netflix terminates contract with Weinstein Company, removes company’s credit from 'Peaky Blinders'
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.
