Weinsteins Offload Stake in Social-Networking Site

NEW YORK: Bob and Harvey Weinstein have sold a controlling stake in the exclusive social-networking site asmallworld.net to the 25-year-old Swiss entrepreneur Patrick Liotard-Vogt.

Liotard-Vogt becomes chairman of the board of ASmallWorld via the acquisition, as well as the company’s largest shareholder. The Weinsteins have retained a minority interest. “We believe ASmallWorld is a great company and it has enormous potential," the Weinsteins said. "But we promised we would focus on our core movie business and that is what we are going to do. We received a number of fantastic offers for ASmallWorld, but we went with Patrick because we loved his plans and we loved the way he worked with Joe Robinson [the site’s president and CEO]. Patrick has powerhouse connections throughout Europe that will help return the company to its European origins."

“I am excited about joining the management team at ASW, which has consistently demonstrated a commitment to building a solid media platform,” Liotard-Vogt said. “We are now are looking to concentrate our attention on enhancing the member experience through the introduction of premium services and a continued focus on product development. Our goal is to make ASW the definitive travel-lifestyle online community for internationally-minded people.”

Liotard-Vogt, who comes from a long line of founding shareholders and executives of the Nestle Corporation, has bought and sold several Swiss and German social networks and acts as CEO and partner at The World’s Finest Clubs (www.finestclubs.com).