Weinstein Co to file for bankruptcy

Embattled film and TV producer The Weinstein Company (TWC) is to file for bankruptcy after talks to sell its assets to an investor group collapsed, according to US reports.

Harvey Weinstein

Talks with the potential buyer fell through after the New York attorney general’s office filed a lawsuit against TWC following an investigation into disgraced producer and company co-founder Harvey Weinstein.

The investigation uncovered a “pervasive pattern of sexual harassment, intimidation, discrimination and abuse” at TWC and also resulted in the dismissal of TWC president David Glasser.

“The Weinstein Company has been engaged in an active sale process in the hopes of preserving assets and jobs,” the board said in a statement reported by newspapers including the San Francisco Chronicle and Los Angeles Times.

“Today, those discussions concluded without a signed agreement.” The statement added “an orderly bankruptcy process” was the “only viable option to maximise the company’s remaining value.”

Harvey Weinstein is accused of sexual misconduct, including rape, by more than 80 women and was sacked from the company in October last year. Weinstein, who founded TWC with his brother Robert in 2005, has denied any allegations of non-consensual sex.

The scandal surrounding TWC brought about the #metoo campaign on social media and has also sparked a wave of sexual misconduct accusations levelled at figures including Kevin Spacey, Ed Westwick, Louis CK, Roy Price and John Lassiter.

More than 300 actresses, writers and directors have also given their backing to an initiative to help fight sexual harassment in Hollywood and other workplaces in the wake of the scandal.