Weinstein Company To File for Bankruptcy

The Weinstein Company is expected to file for bankruptcy. The film studio was in talks to sell its assets to an investor group for $500 million but the deal fell through after the NY Attorney General filed a lawsuit against the company for allegedly failing to protect staff from Harvey Weinstein.

In a letter to investor, the company stated, “"[W]e must conclude that your plan to buy this company was illusory and would only leave this Company hobbling toward its demise to the detriment of all constituents.”

It went on to say, "Despite your previous statements, it is simply impossible to avoid the conclusion that you have no intention to sign an agreement — much less to close one — and no desire to save valuable assets and jobs."

Weinstein has been accused of sexual harassment, abuse and rape by more than 50 women, though he denies all claims of non-consensual sex. The Weinstein company is behind big Hollywood hits like “Django Unchained, “The King’s Speech” and “Silver Linings Playbook.” Weinstein was removed from the company’s board in October 2017 when sexual misconduct allegations began to surface. His was the first major sign of backlash against sexual assault in Hollywood, which has since spawned movements like #MeToo and #TimesUp.

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