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Rainbow, Weinsteins Team Up

Rainbow Media will team with the Weinsteins to boost its film libraries, trading home video rights to its product in exchange for the company's theatrical expertise.

Rainbow, which owns cable nets AMC, IFC, WE: Women's Entertainment, and Fuse, has signed a multi-year deal with The Weinstein Company (Harvey and Bob Weinstein, ex of Miramax).

The two companies will jointly own a film library with titles chosen by the Weinsteins and funded by Rainbow. The two will split the distribution profits, with an eye toward TV, home video and international distribution.

Not surprisingly, Rainbow nets will have a first option on the domestic TV rights to the debuts of the films.

For its part, The Weinstein Co. now gets exclusive home video rights to films from Rainbow's IFC Films theatrical production arm (plus international theatrical sales) as well as to all the original series and specials on all its cable nets.

"At Miramax, my brother and I learned the power of film libraries and built an 800 title film library," said Harvey Weinstein in a statement, "We're going to do that again."