And no one is surprised in the slightest...
The past months have seen multiple reports of sexual harassment and assault emerge against Hollywood producer Harvey Weinstein, with the New York Times investigation’s findings and the #MeToo movement that followed prompting a third of the company’s all male board to resign and leading to the 65-year-old being fired from the company he co-founded.
High profile actors and actresses pulled out of Weinstein projects in protest and others who were in too deep to pull out, donated their salaries to the Time’s Up movement.
It’s safe to say that The Weinstein Company’s reputation was irreparable.
Since the allegations emerged, people have been waiting for the inevitable news that it was curtains for the company, and sure enough it came this week in a statement from The Weinstein Company itself.
‘The Weinstein Company has been engaged in an active sale process … Today, those discussions concluded without a signed agreement,’ the statement read. ‘The Board has no choice but to pursue its only viable option to maximize the Company’s remaining value: an orderly bankruptcy process.’
The news was a long time coming, and while The Weinstein Company was in talks with potential investors Maria Contreras-Sweet and Ron Burkle, a letter from TWC to the pair on Sunday made it clear that the sale had not gone through.
‘While we deeply regret that your actions have led to this unfortunate outcome for our employees, our creditors and any victims, we will now pursue the Board’s only viable option to maximize the Company’s remaining value: an orderly bankruptcy process,’ the board’s letter read.
‘We 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.’
Harvey Weinstein has yet to comment on the news.