The Weinstein Company is expected to file for Bankruptcy after the latest attempt at a sale of the company collapsed.
Members of the company’s board were hoping to find an investor to buy the mini-major film studios so as to protect the jobs of those working at the company and to preserve their assets.
Prospects for the company started going steeply down hill after Harvey Weinstein was accused of sexual harassment and rape by women he had worked with in the film industry.
The negotiations with the most recent bidders, an investment group, came to an end without reaching an agreement. The bidders were negotiating to buy the Weinstein Company for $500m
As part of the deal, the bidders were making a commitment to set up a $40m fund to compensate Weinstein’s accusers as part of the deal. The deal finally hasn’t come to fruition and the Company is expected to file for bankruptcy protection in the coming days.
The disgraced movie-mogul Harvey Weinstein co-founded the Weinstein Company in 2005. He was fired back in October when he was accused by many women working in the film industry of sexual harassing or raping them.
He has so far denied all the allegations but it is fair to say his career is over. These first allegations against Weinstein have sparked a whole new wave of allegations which have probably put an end to Kevin Spacey’s career, as well as making it difficult for filmmaker Woody Allen to find actors and actresses to appear in his films.
The allegations were also the precursor of the #MeToo and the Time’s Up movement.
> Naomi Round
Harvey Weinstein's Company set to File for Bankruptcy
