WEINSTEINS AND 'BET' FOUNDER ANNOUNCE NEW COMPANY

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WEINSTEINS AND 'BET' FOUNDER ANNOUNCE NEW COMPANY
Thursday, July 13 2006

The Weinstein Company and BET founder Robert Johnson may announce as early as today (Thursday) that they plan to create a new urban entertainment company together, the New York Times reported today (Thursday) from Sun Valley, ID, where the annual Allen & Company billionaire get-together opened on Wednesday. Johnson, who sold BET to Viacom in 2000 for 3 billion, has been widening his media empire in recent months. The Times, citing people involved in the negotiations, said that the joint venture with the Weinsteins, who founded the Miramax film company and sold it to Disney, is aimed at initially producing low-cost films for the urban market, then branching into TV and Internet programming. Terms of the deal could not be learned, the Times said.