The Weinstein Co.'s board of directors says the company is expected to file for bankruptcy protection after last-ditch talks to sell its assets collapsed.
Now-disgraced movie mogul Harvey Weinstein co-founded the company in 2005. He was fired last October after being accused of sexual assault and harassment by dozens of women. Weinstein Co. has been searching for a financial savior ever since. Weinstein has denied all allegations.
The Los Angeles Times reports the board said Sunday night it has no choice but to pursue bankruptcy.
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The decision came after the board was unable to revive a deal to sell the struggling studio for about $500 million to an investor group.
As part of the pact, the bidders had promised to raise at least $40 million for a fund to compensate Weinstein's accusers.