Here’s What the Weinstein Company Is Doing to Shed Its Scandalous Past
Various changes are taking place at The Weinstein Company since producer and co-founder Harvey Weinstein was fired. First and foremost, steering the company will be Harvey’s brother and co-chairman Bob Weinstein. Also in charge will be chief operating officer David Glasser.
As far as the company’s nine-member all-male board, four of the members have resigned since the sexual assault accusations against Harvey Weinstein were made public last Friday. The company reported it is launching an internal investigation into the allegations.
On Monday, staffers at The Weinstein Company (also known as TWC) were given the day off while Bob Weinstein and Glasser met to discuss ideas for a new company name. In addition, the two reached out to TV networks to grant permission for removal of Harvey Weinstein’s name from TWC show credits, such as Lifetime’s Project Runway, according to Hollywood Reporter.
Among the 150 or so staffers who work for TWC, there is anger and dismay “coursing through the company’s office in Tribeca and Beverly Hills,” as reported by Variety, in the wake of sexual assault allegations.
In recent days, it was reported that AI International, a major financier of TWC, has canceled a $45 million loan to the company because Harvey Weinstein is no longer in charge. AI reportedly requested the money back, saying Weinstein’s dismissal constitutes a “material adverse change.”
Los Angeles Times reported that TWC’s board members and executives are seeking to have Harvey Weinstein give up his shares in the business by either selling them or transferring them to Bob Weinstein. The brothers own 42% of the company.
In the meantime, Harvey Weinstein has hired high-power attorney Patty Glaser to battle his brother and board members who fired him from the company. “We will do whatever we have to do to properly protect his rights vis a vis the company,” Glaser said.
As far as TV shows in the works, Amazon planned to run two TWC series. The streaming media company now says it is reviewing its options regarding those.