The Weinstein Company, the movie production firm owned by the disgraced mogul Harvey Weinstein, will file for bankruptcy after a $500 million deal to save it collapsed.
What it means: It's been a pretty dramatic fall from grace, to say the least, and taught us a lot about how much politics and business are intertwined. A group of investors made a bid to buy the Weinstein company after the scandal broke, but the deal appears to have fallen through. Despite the fact that they sacked Weinstein pretty much immediately, the company has been accused of enabling his abuse. Now, they can't front enough cash to keep the business afloat.
In the space of a few months, the Weinstein company has gone from being one of the biggest movie companies in the world, to going completely bust. Much as it's going to take a lot for the cultural change the #MeToo movement is calling for to actually happen, it's already presented a sobering lesson for businesses that no matter how good you are at making your product, if your principles are way off, no funding for you.
