The latest drama coming out of Weinstein Co. is not exactly a movie script
November 2nd, 2017 10:16 am | By admin | Posted In Business News
The New York times unveiled on October 5th what appears to be a movie-like situation that involves the Chairman and film mogul of the Weinstein Co., Harvey Weinstein, who has been accused of sexual harassment and assault by actresses and co-workers.
But what started as a personal accusation is now taking its toll on the company’s health, as rumors of a potential buy-out are ‘setting the stage’ for what could be the fall of an empire.
The Weinstein Co. is a world-class film production business founded in 2005 by the Weinstein brothers, Bob and Harvey. They are widely known for films such as The King’s Speech and Silver Linings Playbook, but its name, and now its finances, have been recently tainted by the alleged ‘bad reputation’ of one of its founders.
After several crude allegations against Harvey Weinstein that have led to an apology and a “leave of absence” on his behalf, the company is now facing an uncertain future, as many are pulling back scheduled projects and freezing ongoing ones.
Even though the company Co-Chairman, Bob Weinstein, has said that “it is untrue that the company or board is exploring a sale or shutdown of the company”, a run-on-the-bank-like scenario might push the Board to accept whatever offer is placed on the table.
According to CNN, many employees are talking about resigning, and this could jeopardize the company’s capacity to carry on with its projects, as it’s an all-about-brains kind of business. A studio chief said, regarding the current situation that “this is only going to get worse”.
Meanwhile, The Academy of Motion Picture Arts and Sciences has stripped Mr. Weinstein out of its membership, according to a statement released by the institution saying that its Board of Governors had “voted well in excess of the required two-thirds majority to immediately expel him from the Academy”.
The company currently owns valuable assets such as the famous TV show “Project Runway”, along with many big productions that are soon to come out, but such a damage to the company’s reputation will undoubtedly affect its long-term stability, profitability, and potential to strive.
Many are currently in line to take back their precious scripts, as is the case for Amazon’s film-making unit, who have said that “We no longer plan on moving forward with the David O. Russell Project”, adding that”As for ‘The Romanoffs,’ we intend to move forward without the involvement of Weinstein”.
A hard-blow to the entire film industry indeed, as the company’s survival is apparently yet-to-be-determined.
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