The Weinstein Company in talks on possible sale

Andrew Cummings
October 16, 2017

Harvey Weinstein arrived at the Oscars at the Dolby Theatre in Los Angeles a year ago.

The Weinstein Company said on Monday that it had agreed to a financial lifeline from Colony Capital, securing vital cash as the embattled studio reels from the growing scandals surrounding its co-founder, Harvey Weinstein.

According to media reports, a third woman in London has made sexual assault allegations against the disgraced Hollywood mogul.

Harvey Weinstein was sacked by the company last week over allegations dating back decades that he used his position as a powerful producer to coerce women into sex.

The Weinstein Co. produces popular TV shows like "Project Runway" and films like "Lion".

The Weinstein company has been in free fall following revelations that he assaulted or harassed more than two dozen women in the movie industry, including major stars like Gwyneth Paltrow and Ashley Judd.

The Weinstein Company is a film studio, founded by brothers Harvey and Bob Weinstein after they left Miramax Films in 2005.

Interestingly enough, the private equity real estate trust is headed by billionaire Tom Barrack, who is also known for being one of Donald Trump's closest friends. In a statement, Weinstein said any sex he has had with women was consensual. We believe that Colony's investment and sponsorship will help stabilize the Company's current operations, as well as provide comfort to our critical distribution, production and talent partners around the world.

Colony Capital's founder and executive chairman Thomas J Barrack Jr said he believed The Weinstein Company offered "substantial value and growth potential".

The Academy of Motion Picture Arts and Sciences has revoked his membership as has the British Academy of Film and Television Arts.

"We will help return the company to its rightful iconic position in the independent film and television industry", Barrack said.

Other reports by iNewsToday