“We will help return the company to its rightful iconic position in the independent film and television industry," Tom Barrack said in statement. | Alex Wong/Getty Images Financier and Trump adviser Barrack to invest in Weinstein Company

Real estate investor Tom Barrack, a close friend and adviser to President Donald Trump, has reached a preliminary deal to invest in The Weinstein Company and negotiate a potential sale, TWC announced Monday.

Barrack’s investment comes amid a public relations nightmare for the company following a New York Times investigation exposing TWC co-founder Harvey Weinstein’s alleged sexual harassment and sexual assault and settlements he reached with women. Weinstein, a film producer and Democratic donor, was fired from the company last week.


TWC’s deal is with Colony Capital, an investment firm Barrack founded. The deal includes “an immediate capital infusion” and a negotiating period to discuss the “potential sale of all or a significant portion of the company’s assets.”

“We are pleased to invest in The Weinstein Company and to help it move forward. We believe the company has substantial value and growth potential, and we look forward to working with the company’s critical strategic distribution and production partners to help preserve and create value for all stakeholders, including its employees,” Barrack said in a statement. “We will help return the company to its rightful iconic position in the independent film and television industry.”

Republicans took Democrats, including 2016 Democratic presidential nominee Hillary Clinton, to task for not immediately condemning and returning campaign contributions from Weinstein, a high-profile Democratic donor. Clinton eventually publicly denounced Weinstein and said his donations would be part of her charitable giving.

Barrack served on Trump's inaugural committee, was one of his top fundraisers during the 2016 election cycle and even reportedly turned down a Cabinet position. Although he's described as one of his oldest friends, he recently criticized Trump, telling the Washington Post that he was “shocked” and “stunned” by Trump's tweets and rhetoric.

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Five TWC board members have resigned in the wake of the Times’ report, leaving just three: Bob Weinstein, Tarak Ben Ammar and Lance Maerov. Ammar said the company believes Colony Capital’s “investment and sponsorship will help stabilize the company’s current operations, as well as provide comfort to our critical distribution, production and talent partners around the world.”

According to The New York Times, Harvey and Bob Weinstein own a combined 42 percent of the company. Bob Weinstein told The Hollywood Reporter, however, that TWC will try to sever his brother’s ownership stake.

“It can’t be done that quickly. But I am on it 24/7 and so is David Glasser and so is the board of directors that remain and so are the shareholders,” he said. “This is being dealt with.”