Plagued by the fallout of a sex scandal spanning the course of three decades, The Weinstein Company is already negotiating a business sale, according to The Associated Press.
BREAKING: The Weinstein Co. in negotiations with Colony Capital for potential sale.
— The Associated Press (@AP) October 16, 2017
Has The Weinstein Company confirmed this?
The company said Monday it was receiving an "immediate cash infusion" from Colony Capital and that they are currently in negotiations for the sale of the business, or at least a large portion of it.
“We believe that Colony's investment and sponsorship will help stabilize the company's current operations, as well as provide comfort to our critical distribution, production and talent partners around the world,” said Weinstein Company board member Tarak Ben Ammar.
What does the Weinstein Company do?
The Weinstein Company is a film studio, founded by brothers Harvey and Bob Weinstein after they left Miramax Films in 2005. It was responsible for major films such as "Inglourious Basterds," "The Fighter," and "The King's Speech."
What is Colony Capital?
Colony Capital is the global real estate and investment management firm that bought Miramax Films in 2010 from Walt Disney. It later sold Miramax to BeIN Media Group in 2016.
Why does it matter?
The fallout in Hollywood continues after news broke of Harvey Weinstein's long history of alleged sexual harassment earlier this month. Weinstein was also stripped of his membership in the Academy of Motion Picture Arts and Sciences over the weekend.