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The Weinstein Company seems to be on the brink of collapse.
The company once run by disgraced executive Harvey Weinstein, and currently watched over by his brother, cofounder Bob Weinstein, is no longer planning to be renamed and operate independently, according to The Wall Street Journal.
It was previously reported that the company was meeting with ad agencies to figure out how to rename the company and move forward, after allegations that Weinstein was sexually harassing and abusing women in Hollywood for the past three decades surfaced last week.
But the Journal says that plan is dead. However, TWC has had interested buyers approach its board to buy it, according to the Journal. The other option is TWC would shut down and its library of TV and movie titles would be sold off in pieces.
This news comes at a time when only three TWC board members are left – Bob Weinstein, Tarak Ben Ammar, and Lance Maerov – and numerous filmmakers and producers are try to get their projects back from the company, according to CNN.
TWC was supposed to go into production on a big-screen adaptation of “In The Heights,” the hit Broadway Lin-Manuel Miranda wrote and starred in before “Hamilton,” but reportedly Miranda and cocreator Quiara Alegría Hudes want the company to give it up. Apple has also pulled the plug on a planned Elvis Presley biopic series with TWC.
The company’s big TV entities currently on air include “Project Runway” and MTV’s “Scream.”
Business Insider contacted The Weinstein Company for comment but did not get an immediate response. However, Bob Weinstein released a statement following the Journal story that “business is continuing as usual.”
Bob Weinstein denies that The Weinstein Company is exploring a sale or shutdown. "Business is continuing as usual." pic.twitter.com/Tk7K6weCjK
— Adam B. Vary Scary (@adambvary) October 13, 2017