Weinstein film studio facing sale or shutdown

The Weinstein Company is exploring a sale or shutdown as it reels from the fallout of allegations of serial sexual misconduct by its ousted co-chairman Harvey Weinstein, The Wall Street Journal reported on Friday.

The film and television studio is unlikely to continue as an independent entity, the Journal said, citing a person close to the firm.

Weinstein's film studio fired him on Sunday after an explosive New York Times report alleged he had preyed for decades on young women hoping to break into the film industry.

An avalanche of sexual harassment claims have come in the wake of the Times report, with American actress Rose McGowan Thursday becoming the fourth woman to accuse Weinstein of raping her.

Investigations are under way by police in New York and Britain.

As it mulls its future after the accusations, the studio's board of directors has been talking to possible buyers, the Journal said.

Some potential suitors have approached board members and others close to The Weinstein Co, but it remains uncertain whether a deal can be reached for the studio to continue operating.

The alternative is that The Weinstein Co would be shut.

Board members are no longer considering a previous plan that could have seen co-chairman Bob Weinstein, Harvey's brother, continue operating the studio with president David Glasser under a new company name, the Journal's source said.

Harvey and Bob Weinstein, as co-founders of Miramax Films, burst onto the indie film scene in the late 1980s and early 1990s with films like "Sex, Lies and Videotape," "Shakespeare in Love" and "Pulp Fiction."

Together the brothers went on to co-found the Weinstein Company in 2005, producing such hits as "The King's Speech" and "The Artist."