Published: Mon, October 16, 2017
Culture | By Stewart Greene

Enters talks on possible sale

The company and co-founder Harvey Weinstein has not been out of the headlines of late - the latter facing allegations of rape and sexual assault over many years. The Weinstein Company announced today that Colony Capital had agreed to provide the scandal-plagued studio with financing and that the two parties were in talks on a potential sale.

"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", said the Weinstein Company in a statement.

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.

Neither the Company nor Colony will make any further comment beyond this announcement at this time.

As a result of all this, Weinstein Co. has been stuck in a state of corporate limbo.

Director J J Abrams has joined the growing uproar in Hollywood condemning the sexual abuse women had to suffer at the hands of Harvey Weinstein, calling the media mogul "a monster".

"On behalf of the board, we are pleased to announce this agreement and potential strategic partnership with Colony Capital", Ben Ammar's statement reads. In 2010, a group of investors led by Colony Capital and construction magnate Ronald Tutor acquired film and TV firm Miramax from Walt Disney Co. On Friday he denied a Wall Street Journal report that the company was "exploring a sale or shutdown and is unlikely to continue as an independent entity".

He claimed that "business is continuing as usual as the company moves ahead".

Barely any work is getting done at the company's offices in NY and Los Angeles, sources told CNN.

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