Genius Delays Shareholder Meeting Regarding Weinstein Deal15 Mar, 2006 By: Erik Gruenwedel
Genius Products March 15 announced it would delay until late April a special shareholder meeting regarding consummation of its distribution deal with The Weinstein Company (TWC) and related matters.
Santa Monica, Calif.-based Genius, which was to meet with shareholders March 16, said the delay represented “no material change” to the transaction. Both companies have agreed to extend the “drop-dead” date to close the deal from April 15 to May 31.
Genius is slated to street TWC title Derailed, starring Jennifer Aniston and Clive Owen, on DVD March 21.
Genius, in a statement, said it needed additional time to amend proxy statements and revise disclosures regarding the future accounting method of its new venture with Bob and Harvey Weinstein, founders of Miramax Films.
“We are working closely with Genius to close this transaction as quickly as possible,” said Larry Madden, EVP and CFO of The Weinstein Co.
Earlier this month, venerable movie studio Metro-Goldwyn-Mayer announced it would distribute theatrically six Weinstein Co. titles, including Lucky Number Slevin April 7. The New York City themed film noir stars Bruce Willis, Josh Hartnett, Luci Liu and Morgan Freeman, among others.
It is not clear if the deal calls for Sony Corp., which owns 20% of MGM and distributes MGM DVDs through Sony Pictures Home Entertainment, to also distribute the Weinstein Co. titles on DVD.
Sony and Genius representatives were not immediately available for comment.