Edition: United States  
One News Page
“Probably the fastest-access news portal in the world”
> >

Weinstein Company Exploring Sale Or Shutdown

Zero Hedge Harvey WeinsteinHarvey WeinsteinElvis PresleyElvis Presley
Friday, 13 October 2017 ()

Weinstein Company Exploring Sale Or ShutdownHollywood film studio The Weinstein Company promptly jettisoned disgraced producer Harvey Weinstein following last week’s New York Times bombshell, which documented the mogul's 30-year history of sexual harassment and assault abetted by the silence of his peers and colleagues.  But given the shocking scope of Weinstein’s alleged crimes (more than 30 victims have come forward to accuse him of harassment, groping or rape) and the pervasive speculation that everyone at his company was well-aware of Harvey's transgressions, the Weinstein name has been irreparably tarnished.

Therefore, rather than risk an embarrassing bankruptcy - one where stakeholders can demand discovery and expose even more dirty laundry - Weinstein Co.’s board is reportedly exploring a sale or shutdown, the WSJ reports. In any case, the studio is almost certainly not going to continue as an independent entity.

The board previously had been considering appointing co-chairman Bob Weinstein, Harvey Weinstein’s brother, and President David Glasser to continue operating Weinstein Co. with a new name, *but that plan is no longer on the table.*

However, the board could face resistence if Harvey Weinstein has his way. TMZ is reporting that Weinstein plans to challenge his firing at the company’s upcoming Oct. 17 board meeting. The topic of his firing is reportedly on the agenda for that meeting, which Weinstein – who is presently staying at a live-in rehab center in Arizona – will attend via call-in. Weinstein’s civil lawyer, Patty Glaser, will be present at the meeting as well to make her client’s case.

Weinstein plans to argue that he did not violate his current contract, which he signed in October 2015. He maintains no sexual harassment complaints were lodged filed after he signed said contract. Glaser will argue Weinstein could only be terminated after mediation and arbitration. *The company has argued that it had a right to fire Weinstein immediately and he has a right to challenge the decision in mediation and arbitration*

WSJ reports that interested buyers have approached board members and others close to Weinstein Co., but it remains to be seen if a deal can be reached for the studio to be sold in whole and then continue operating under a new owner or owners. *The other possibility is that Weinstein Co. would be shut down. Its library of movies and TV shows and other assets would then be sold in pieces.*

The news comes as many of the Weinstein Co’s business partners have backed away from the toxic production studio:

· Apple ended plans for a series about Elvis Presley it was developing with Weinstein Co. as producer.
· Amazon.com said that it’s “reviewing our options” for two shows it was set to co-produce with Weinstein Co.

Meanwhile, Goldman Sachs, which owns a stake in Weinstein Co. valued at less than $1 million, is reportedly seeking to offload its stake in a gesture of condemnation, Reuters reported.

“There is no place for the inexcusable behavior that had been reported, and we strongly condemn it,” Andrew Williams, a spokesman for Goldman, said in an email.

Finally, while Weinstein has repeatedly said that he’s anxious to return to former life “once I’m better”, it appears police on both sides of the Atlantic have other plans. While we imagine Weinstein will forever remain a persona non grata in polite society, there’s a chance he could also face criminal charges as the FBI, NYPD and Scotland Yard are all ramping up their own investigations.
Share on
Share on
Post on 
Share by
Source: Euronews English - < > Embed

News video: Oscar board meets over Weinstein

Oscar board meets over Weinstein 00:45

Harvey Weinstein’s brother has denied reports in the media that their film production company could be closed or sold. The company fired Harvey Weinstein last Sunday amid a growing number of allegations of sexual harassment. Bob Weinstein will take the reins of The Weinstein Company now that Harvey...

You Might Like

Recent related news

The Weinstein Company thrown lifeline by private equity group

The dilemma that faces Hollywood movie production firm The Weinstein Company took a new twist on Monday as it emerged it had struck a deal with a private equity...
Proactive Investors - Business

Harvey Weinstein scandal: The Weinstein Company negotiates potential sale

Harvey Weinstein's former company announced a preliminary agreement with Colony Capital for an immediate infusion of cash.
USATODAY.com - Entertainment

Harvey Weinstein May Have Been Illegally Terminated By The Weinstein Company!

What kind of contract is this?? According to TMZ, Harvey Weinstein's 2015 employment contract with The Weinstein Company states that if the producer gets sued...
Perez Hilton - CelebritiesAlso reported by •NewsdayGothamist

The Weinstein Company's Lone Potential Buyer Is Rethinking Saving The Company!

The Weinstein Company can't seem to land a deal amid Harvey Weinstein's sexual harassment and assault scandal. Especially as we previously reported, the movie...
Perez Hilton - Celebrities

Weinstein Company Bashes Mogul In Brutal Statement: We Are ‘Shocked And Dismayed’

This Tuesday evening, Harvey Weinstein‘s company filed a statement bashing the mogul for his alleged sexual misconduct. The board of representatives claimed...
Radar Online - Celebrities

Things Do NOT Look Good For The Weinstein Company As Financiers Pull Out & Lawsuits Come Trickling In!

The Weinstein Company may be doomed following Harvey Weinstein's ousting. As we previously reported, the indie movie mogul was fired from his company after The...
Perez Hilton - CelebritiesAlso reported by •Seattle TimesZero HedgeBusiness Insider

The Weinstein Company Sued Over 'One Chance'

The Weinstein Company is facing its first lawsuit in the wake of the Harvey Weinstein sexual harassment scandal. The suit was filed by former Paramount President...
TMZ.com - Celebrities

Hollywood Showrunner Accuses Harvey Weinstein's Brother Of Harassment

Hollywood Showrunner Accuses Harvey Weinstein's Brother Of Harassment
In a shocking development that discredits claims by top Weinstein Company executives that the company was unaware of disgraced co-founder Harvey Weinstein’s...
Zero Hedge - MarketsAlso reported by •Gothamist

Other recent news in Markets

GENERAL ELECTRIC Plunges 5% After Slashing Earnings GuidanceWhy US TAX REFORM Will Put Even More Pressure On Dollar Funding Markets
SENATE PASSES Budget Resolution Key To Tax Reform By Thin MarginRUSSIA’s Ministry Of Economic Development To Test Blockchain Land Registry
Trump Considers Bringing Both Powell And TAYLOR To The Fed TogetherEmails Reveal Bill Clinton Met With Vladimir Putin Just Before URANIUM ONE Deal
Did Money Talk: Europe’s "Real Boss" Now Expects Progress On BREXIT By DecemberDemocrat Wilson Slams JOHN KELLY's "Empty Barrel" Comment: "This Has Become Totally Personal"
Socialist Group Calls For "Extermination" Of Capitalists, "Worth Shooting" DONALD TRUMPJACINDA ARDERN's first job: smooth the divisions


Environmentally friendly: One News Page is hosted on servers powered solely by renewable energy
© 2017 One News Page Ltd. All Rights Reserved.  |  About us  |  Disclaimer  |  Press Room  |  Terms & Conditions  |  Privacy Policy  |  Content Accreditation
 RSS  |  News for my Website  |  Free news search widget  |  Help  |  Contact us  |  DMCA / Content Removal
How are we doing? Send us your feedback  |   LIKE us on Facebook   FOLLOW us on Twitter   FIND us on Google+