The company’s board of directors has confirmed the film studio will seek bankruptcy protection after talks to sell it collapsed, reports CNBC. In a statement, the company said, “The Weinstein Company has been engaged in an active sale process in the hopes of preserving assets and jobs. Today, those discussions concluded without a signed agreement.” The company’s future has hung in the balance for months after more than 70 women alleged Hollywood producer Harvey Weinstein of sexual misconduct. After sale talks ran out of steam this month, the Weinstein Company’s board said it had “no choice but to pursue its only viable option to maximize the company’s remaining value: an orderly bankruptcy process.”
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