On Monday, a private equity firm called Colony Capital, run by Thomas Barrack, released a statement saying that the firm is currently in negotiations with the Weinstein Company (privately traded) for a ‘potential sale of all or a significant portion,” of the company’s assets.

Until this announcement, the Weinstein Company’s prospects were looking bleak. The producer of such shows as ‘Project Runway’ and several Academy Award-winning movies found itself floundering after allegations of sexual harassment by co-founder Harvey Weinstein surfaced.

The firm has confirmed that they already have a “preliminary agreement to provide an immediate capital infusion.”

Harvey Weinstein was recently fired from the company. He currently denies having any non-consensual relationships and has stated he plans to contest his firing. However, the stigma attached to such high profile accusations has caused multiple companies’ futures to come into question, such as the Weinstein Company and Harvey Weinstein’s wife’s Marchesa fashion brand.

The company will hold a board meeting on Tuesday to decide how to proceed. Harvey Weinstein and his brother, Bob Weinstein, currently own 42% of the firm, with the balance of the company owned by WPP Group, LVMH, and others

Tarak Ben Ammar, board member, said in a press statement, “We are pleased to announce this agreement and potential strategic partnership with Colony Capital. We believe that Colony’s investment and sponsorship will help stabilize the Company’s current operations, as well as provide comfort to our critical distribution, production and talent partners around the world.”

Barrack has also been noted as a major financial backer of President Donald Trump’s presidential campaign, as well as a personal friend.

Featured Image: twitter