The Weinstein Co. to Back New Urban Entertainment Company

The Weinstein Company and Robert L. Johnson, founder of Black Entertainment Television, are close to announcing a deal to create a new urban entertainment venture, The New York Times reports.

According to the article, the venture would produce content for multiple distribution channels, including film, television, and the web. Initial plans call for the creation of lower-budgeted fare for the urban market, which has been a profitable niche both theatrically and on home video in recent years.

The deal is being negotiated during investment bank Allen & Company’s annual conference, where entertainment czars frequently meet to broker major mergers and partnerships. Johnson is no stranger to big deals, having sold BET to Viacom in 2000 for $3 billion.