Nicole Kidman's New Partner: A Look at Michael Reinstein's Controversial Business Career

Nicole Kidman has reportedly been seen with Michael Reinstein, a multi-millionaire businessman whose career has been marked by several controversial ventures and legal disputes. Reinstein, who has been described by some as a "caricature of a 1980s private equity raider," has a business background that includes telemarketing, fashion, and home shopping networks.

Reinstein's company, Promenade, a telemarketing firm established around 1999, was fined approximately $2.4 million by the Federal Trade Commission in 2004. The regulator concluded that customers were scammed after being misled by telemarketers into believing they were receiving offers from their credit card companies for discount club memberships, with undisclosed fees applying after a trial period. A spokesman for Reinstein stated that he founded the company, sold it, and later reacquired it when it faced significant difficulties. The spokesman also noted there was no admission of liability or finding of wrongdoing, and Reinstein was not a defendant. A judgment against the company was suspended, with only a portion of the fine paid.

Another venture, USN, a home shopping network selling jewelry and clothing, also faced legal challenges. A lawsuit filed by former employee Sanetta Gipson alleged racial discrimination, claiming that only Caucasian individuals were given on-camera host positions. Gipson, an African-American, stated she was never given such an opportunity. She later dismissed the lawsuit, and it is believed to have been settled out of court in 2006. Gipson described Reinstein as "elitist" and an "a

*******." A spokesman for Reinstein denied the allegations, stating the lawsuit ended without proof and that USN never approved racial criteria for talent.

Reinstein was also involved with Deal TV, a UK-based direct-to-consumer TV company, where he served as a director in 2006. The company faced criticism from the Advertising Standards Authority for airing content promoting a TV evangelist selling products with unsubstantiated health claims, including a soap and water purported to cure cancer and AIDS. Deal TV ceased operations in 2008. Reinstein's spokesman clarified that he was an investor and director for a limited period, and the broadcast license responsibility lay with another entity.

In 2013, Reinstein founded the private equity firm Regent. Regent has a reputation for acquiring distressed brands. This involvement has led to disputes, including a 2022 lawsuit filed by Regent against former employee David Steinhafel, accusing him of fraud, embezzlement, and breach of contract. Steinhafel, in turn, filed a countersuit alleging unpaid wages and alleging that Reinstein expressed "hostility towards women," stating a preference not to hire them due to concerns about pregnancy and maternity leave. Steinhafel further alleged he and his wife were "stalked" by individuals employed by Reinstein after their termination. A spokesman for Reinstein described Steinhafel's allegations as "demonstrably false" and filed as leverage. The spokesman added that the Steinhafels paid Regent $250,000, abandoned their claims, and agreed to a dismissal with prejudice, which he argued indicated a lack of evidence supporting their allegations. A lawyer for the Steinhafels stated they stood by their claims and settled due to the unsustainable financial and personal toll on their family.

Reinstein's business dealings have also extended to the fashion industry, where he is known as a "junkman" for acquiring ailing brands such as Bally, Petit Bateau, and Escada. Some sources describe his firm as having a reputation for delayed payments to outside vendors. A spokesman countered that Reinstein's career involves buying distressed companies and restoring them, likening it to an ER doctor assessing sick patients, with the success measured by the company's condition post-acquisition.

Reinstein's father, Fred Reinstein, was a serial entrepreneur described in a 1985 LA Times article as an "all-American hustler." Michael Reinstein graduated from the University of Southern California and Pepperdine University School of Law. He also completed an internship with the Reagan administration in the 1980s and worked at the talent agency ICM.