Harvey Weinstein resigns from his company’s board

Keneilwe Moloko

Harvey Weinstein has stepped down from the board of his company following recent reports of allegations of sexual assault and harassment.

In the wake of the reported scandals, the award-winning producer was fired as chairman of The Weinstein Company just last week.

Mr Weinstein, 65, insists sexual relations he had were consensual.

The Weinstein Company had confirmed that it entered into talks with Colony Capital for a possible acquisition, a move which was expedient in the wake of the image crisis created by its founder, the Weinstein Company is looking at getting a buyer for the entertainment company.

The two companies said in statement that:

The Weinstein Company (“TWC” or the “Company”) today announced that it has entered into a preliminary agreement with Colony Capital (“Colony”) to provide an immediate capital infusion into the Company. In addition, the Company has entered a negotiating period with Colony Capital for a potential sale of all or a significant portion of the Company’s assets.

TWC board member, Tarak Ben Ammar, said, “On behalf of the board, we are pleased to announce this agreement and potential strategic partnership with Colony Capital. 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. Colony’s successful experience and track record in media and entertainment will be invaluable to the Company as we move forward.”

Meanwhile Toyota Motor Corp.’s Lexus unit said it was evaluating its partnership with the Weinstein Co. Lexus, Toyota’s luxury brand, is a sponsor of the reality TV show Project Runway, which Weinstein Co. produces.

“Lexus does not condone any acts of sexual harassment, assault or discrimination. In light of recent allegations involving Harvey Weinstein, we are currently evaluating our partnership with The Weinstein Company, but have nothing to announce at this time,” Lexus said in a statement.