LOS ANGELES (BLOOMBERG) - Maria Contreras-Sweet said her group is pulling out of its deal to buy the Weinstein Company. after an examination raised questions about the viability of the film and TV studio.
The group included billionaires Ron Burkle and Len Blavatnik.
Contreras-Sweet said she would consider acquiring Weinstein assets if they become available in bankruptcy, according to a statement on Tuesday (March 6).
Contreras-Sweet, who served as head of the Small Business Administration under President Barack Obama, first made an offer for the studio in November, after a sex-harassment scandal forced co-founder Harvey Weinstein from the company.
She is also looking to buy other entertainment assets.
"I remain committed to working to advance women's business ownership in all sectors and to inspire girls to envision their futures as leaders of important companies," she said in the statement.