Genius Products Inc. and The Weinstein Co. LLC said Thursday that an affiliate of Quadrant Management Inc. acquired a 60 percent ownership interest in their jointly owned film distributorship, Genius Products LLC.

Genius Products Inc. retains a 25 percent ownership interest in the distributor, while TWC reduced its stake to 15 percent. In addition, the distributor announced that it has renegotiated its distribution agreement with New York-based TWC.

The transaction is the first of several steps in a restructuring of Genius Products Inc., the companies said, which may include changes to its cost structure and renegotiating agreements with vendors and content partners. The company also is considering a recapitalization, refinancing and going private.

Three of the company’s directors appointed by TWC resigned and will be replaced with representatives from New York-based Quadrant, an alternative investment management firm that said it has more than $3 billion in assets under management

Genius Products Inc. last month moved from the over-the-counter Bulletin Board to the Pink Sheets, because of its late third quarter filing. The shares now trade at 3 cents.