Have you heard the news? The board of The Weinstein Co. – which is owned by Weinstein Company Holdings LLC (privately traded) – made the decision to terminate Harvey Weinstein from his position as co-chairman of the company late Sunday night.

For almost four decades, Harvey Weinstein was a force of nature and the don of indie film. However, after on-the-record sexual harassment allegations surfaced in a New York Times report, the mogul was ousted by his own company.

“In light of new information about misconduct by Harvey Weinstein that has emerged in the past few days, the directors of The Weinstein Company — Robert Weinstein, Lance Maerov, Richard Koenigsberg and Tarak Ben Ammar — have determined, and have informed Harvey Weinstein, that his employment with The Weinstein Company is terminated, effective immediately,” the TWC board said in a statement.

According to a Hollywood Reporter source, the conflict came to a boiling point Sunday night in a meeting when Harvey was offered the chance to settle with the company and leave but refused to do so. Harvey reportedly argued that the scandal would blow over, but the board disagreed.

This turn of events comes after an Oct.5 New York Times article by investigative reporters detailed sexual harassment claims against the mogul, including a report from actress Ashley Judd.

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