The Weinstein Co. is expected to declare bankruptcy, the Los Angeles Times reports.
The news comes months after several women accused the company’s co-founder, Harvey Weinstein, of sexual assault and harassment, sparking the #MeToo movement. Weinstein, who denies the allegations, was fired in October.
The Times reports that the studio “will file for bankruptcy protection after last-ditch talks to sell its assets to an investor group collapsed.” The group, which included former Small Business Administration head Maria Contreras-Sweet, had been in talks to buy the company in a $500 million deal that would have included renaming the company and appointing mostly women to its board of directors. The investors also planned to raise money for Weinstein’s accusers, according to the Times.
– The Associated Press contributed to this report.