Weinstein brother denies company's sale



Harvey Weinstein's brother, Bob, has denied media reports that the film production company they co-founded could be closed or sold.

"Our banks, partners and shareholders are fully supportive of our company," he said in a statement. "Business is continuing as usual."

The company fired Harvey Weinstein on Sunday amid a slew of sexual harassment allegations. The claims have prompted police investigations in both the US and UK.

On Friday, the scandal surrounding Weinstein - who produced films including Pulp Fiction, Shakespeare in Love and Crouching Tiger, Hidden Dragon - deepened when he was accused of rape by US actress Rose McGowan.

He was already facing claims of rape, sexual assault, groping and harassment.

Weinstein, who is believed to be in Europe seeking therapy, has insisted through a spokeswoman that any sexual contacts he had were consensual.

Since the avalanche of claims began, the company has been trying to disassociate itself from its co-founder and save the business, reports say, with efforts made to buy Harvey Weinstein out, rebrand and keep creative partners on board.

But reports in the Los Angeles Times said that financers had begun to pressure the company to sell and potential buyers were circling.

The Wall Street Journal also reported the company was "exploring a sale or shutdown" and was "unlikely to continue as an independent entity".

The Weinstein Company fired Harvey Weinstein last weekend, but there remains intense speculation about its future

The company is thought to be worth hundreds of millions of dollars but before the recent allegations had already faced questions about its future prospects amid increasing competition from media streaming services.

Investment bank Goldman Sachs said on Friday it was investigating options to sell the small stake it holds, citing the reported "inexcusable behavior".

On Saturday, the organisers of the Oscars film awards will hold emergency talks amid speculation it could suspending Harvey Weinstein's membership. Bafta, the British Academy of Film and Television Arts, has already done so.

The New York Times broke the story on 5 October when it detailed decades of allegations of sexual harassment against Weinstein.

Since then police forces in the US and UK have launched investigations into sexual assault allegations against Weinstein:

  • The New York Police Department is looking into an allegation dating from 2004 and reviewing whether there are any additional complaints

  • London's Met Police has received an allegation of sexual assault in the London area in the 1980s