Lantern Capital Partners is on the verge of acquiring The Weinstein Co. in a bankruptcy sale, after it was revealed that no bidders had topped the private equity firm’s $310 million offer to buy the embattled studio’s film library and television business.

The Weinstein Co.’s Richards, Layton & Finger and Cravath, Swaine & Moore attorneys told a Delaware bankruptcy judge late Tuesday that they would not proceed with a planned auction of the entertainment company, which was co-founded by disgraced Hollywood producer Harvey Weinstein.

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