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Weinstein Co in possible sale talks amid sexual harassment scandal

16th Oct 17 3:58 pm

Third woman in London accuses company’s ousted co-founder

Just days after dozens of women accused Oscar-winning film producer Harvey Weinstein of sexual misconduct, his co-founding company has today announced that it has entered a preliminary agreement with Colony Capital over the potential sale of all or a significant portion of its assets.

According to BBC, Colony Capital has already agreed to make an “immediate capital infusion” into The Weinstein Company, which was co-founded by Harvey before he got fired by the board earlier this month.

Medai states that a sale would wipe away the company’s name and help it recover from a widening sexual harassment scandal.

Tarak Ben Ammar, a board member of the Weinstein Company, said: “We believe that Colony’s investment and sponsorship will help stabilise the company’s current operations, as well as provide comfort to our critical distribution, production and talent partners around the world.”

Confirming the development, founder and executive chairman of Colony Capital, Thomas J Barrack, Jr, said: “We are pleased to invest in The Weinstein Company and to help it move forward. We believe the Company has substantial value and growth potential…We will help return the Company to its rightful iconic position in the independent film and television industry.”

According to media reports, a third woman in London has made sexual assault allegations against the disgraced Hollywood mogul. London. Metropolitan Police had confirmed yesterday that they had received a report from a woman alleging an assault in 1992 in west London.

Apart from the allegations in London, dozens of women in the American entertainment industry have openly accused and criticised the film producer of sexual harassment, sexual assault or other sexual misconduct.

Read related story: Harvey Weinstein assault row: Another British actress speaks out, UK police join probe

According to the Guardian, Colony Capital is a previous owner of film studio Miramax which it bought from Disney for £497m in 2010 and sold to Qatari broadcaster BeIn Media last year.

Bob and Harvey Weinstein founded Miramax, the studio behind films such as Pulp Fiction, No Country for Old Men and The English Patient, three decades ago and sold it to Disney in 1993.

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