March 6, 2018 / 9:41 PM / 10 months ago

Maria Contreras-Sweet says terminates deal to buy The Weinstein Co

March 6 (Reuters) - Maria Contreras-Sweet said in a statement on Tuesday that her group was pulling out of its offer to buy The Weinstein Co.

The deal was terminated after it was discovered that the Weinstein Co’s debt was $280 million, rather than the $225 million previously disclosed, a source familiar with the matter told Reuters.

Contreras-Sweet, a former Obama administration official, said last week that the group had reached an agreement with the New York State Attorney General’s office to buy assets from the Weinstein Company to launch a new firm.

Reporting by Sangameswaran S in Bengaluru and Greg Roumeliotis in New York

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