Looks like Harvey Weinstein was trying to save what was left of his face and resign from The Weinstein Company’s board rather than get fired:
— FOX Business (@FoxBusiness) October 17, 2017
— Hollywood Reporter (@THR) October 17, 2017
More from The Hollywood Reporter:
On Tuesday, the remaining members of the TWC board — including co-chairman Bob Weinstein — voted to ratify Weinstein’s Oct. 8 termination and to consider an immediate capital infusion from Tom Barrack’s Colony Capital that opens the door for Colony to buy the film and television production venture, if not a significant portion of its assets. Weinstein — who owns 23 percent of the TWC — called into the board session, according to insiders.
Harvey Weinstein was fired as co-chairman of his namesake company following an expose in The New York Times that detailed numerous allegations of sexual harassment on the part of the mogul. Bob Weinstein, his brother, and COO David Glasser believed the company could weather the scandal, but more serious allegations of sexual misconduct, including rape, were raised in subsequent stories in The New Yorker and Times, throwing TWC into a state of chaos.
Analysts and finance attorneys say it won’t be easy rescuing TWC, whose relationship with talent, agents and other Hollywood power brokers has been severely jeopardized. Also, TWC was struggling financially even before becoming engulfed in one of the biggest scandals in Hollywood history.
It won’t be easy rescuing The Weinstein Company? That’s an understatement — especially in light of Bob Weinstein now being accused of sexual harassment as well.
That’s one hell of an operation they’re running over there.
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