Weinstein Co., overwhelmed by backlash, may be up for sale

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AP This mix picture reveals Harvey Weinstein arrives at the Oscars in Los Angeles on Feb. 28, 2016, left, and his brother Bob Weinstein at the premiere of “Sin City,” in Los Angeles on March 28, 2005. Harvey Weinstein was fired Sunday by the Weinstein Co., the studio he co-founded with his brother Bob, after a bombshell New york city Times expose declared decades of crude sexual behavior on his part toward female workers and starlets.

Monday, Oct. 16, 2017|5 p.m.

NEW YORK– The Weinstein Co., besieged by unwanted sexual advances claims against its name and co-founder, may be putting itself up for sale.

The company stated Monday that it will get an immediate cash infusion from Colony Capital and is in negotiations for the possible sale of all or a significant portion of the company accountable for producing films such as “Django Unchained,” “The Hateful 8” and “Lion.”

Nest Capital, the private-equity arm of Colony NorthStar, wased established by Thomas Barrack, a close adviser to President Donald Trump. Barrack chaired Trump’s governmental inaugural committee.

Harvey Weinstein was fired recently by the movie production company he helped develop. The claims of unwanted sexual advances and assault versus Weinstein span decades and include much of the movie industry’s leading actresses.

The reaction has actually been severe as more females go public with their interactions with Weinstein.

Police in the United States and Europe are taking a makeover at past allegations.

The Academy of Movie Arts and Sciences has actually revoked his membership, as has the British Academy of Movie and Tv Arts.

“This has actually got to be a fire sale,” said Richard Levick, chairman and CEO of crisis-management company Levick International. He included that while he does not believe anybody would be interested in buying the Weinstein name, they might be interested in “buying the pieces.”

Amazon Studios, the growing film arm of Amazon, cut ties with the Weinstein business recently. Robert De Niro, Julianne Moore and director David O. Russell ditched an untitled Amazon Studios series that was being produced by The Weinstein Co.

. Showtime has actually threatened to pull out of an Oliver Stone drama in advancement, “Guantanamo,” since Weinstein Co. is a producer.

“The stink from this is so considerable that it makes almost anyone to attempt to safeguard them to end up being an untouchable,” Levick stated.

Word of a possible sale comes simply three days after Bob Weinstein, who assisted discovered the company with his bro, Harvey, stated that a sale was not an alternative.

“We are delighted to buy The Weinstein Business and to assist it move forward,” Colony said Monday. “We will help return the business to its rightful renowned position in the independent movie and television market.”

Now, Colony will have to weigh a sale price versus “brand liability,” Levick stated. This includes unidentified things such as how many more women might step forward.

The list of females alleging harassment and assault by Harvey Weinstein continues to grow. More than 30 ladies, including starlets Angelina Jolie, Ashley Judd and Gwyneth Paltrow– have spoken out.

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