The purchase of the Weinstein Company by a Dallas-based private equity firm is official now.

A bankruptcy judge in Delaware on Tuesday approved the $425 million offer from Lantern Capital. That breaks down as $310 million in cash and $115 million in the assumption of debt for assets that include a 227-film library and shows in production including Project Runway.

Tuesday's court approval was more of a technicality as no other bidders have come forward with serious offers. There's also a midnight deadline tonight.

Lantern co-founders Andy Mitchell and Milos Brajovic have said they plan to change the studio's name to Lantern Entertainment. According to bankruptcy court records, the studio has 85 employees and a monthly payroll of $1 million.

A spokesman for the Lantern partners said Mitchell and Brajovic decline to be interviewed until contracts are in hand and the deal has formally closed.

"Looking ahead, our new company will represent an unwavering commitment to a culture of diverse professionals with the absolute highest level of ethics and standards," Mitchell and Brajovic said in an email to employees.

Mitchell and Brajovic have said they plan to keep it running. Neither have entertainment experience and have spent their careers doing financial restructurings.

But Hollywood publications say many employees have left and the studio's standing has been "diminished," according to Variety. Since last fall, the studio has been in limbo after allegations of sexual abuse by co-founder Harvey Weinstein were reported by The New York Times and The New Yorker.

Here's the full text of an email sent by Lantern to the studio's employees Tuesday afternoon:

Today we reached another significant milestone.

As we continue to move forward with this process, we appreciate your continued support and patience. Looking ahead, our new company will represent an unwavering commitment to a culture of diverse professionals with the absolute highest level of ethics and standards. As we've maintained, our investment is in people. The best people will position us as the most progressive and forward-thinking presence in the industry.

Lantern shares a deep appreciation for entertainment and all creative arts. It is our responsibility to protect the years of hard work and dedication contained within the Weinstein Company's film and television libraries.

We have a lot of work ahead of us to close this transaction while simultaneously rebuilding the organization. In the coming weeks, we look forward to working with you as we commence our new operations and put the new company on a path to long-term success and sustainability.

Gratefully,

Andy, Milos and Team Lantern

Twitter: @MariaHalkias