Weinstein firm assets sold to female-led investment group

“Casting Couch” Oscars 2018. A collaboration between @plasticjesus & @morgothlot Harvey Weinstein became an icon in the entertainment industry. His power and influence was almost without compare. However, whilst many thought the ‘casting couch’ was a thing of the past it was clearly still a part of the Hollywood culture. For many years the exploitation of many hopefuls and established names in the industry was brushed under the carpet with their complaints of harassment and sexual abuse being ignore or worse. Hopefully now in the light of recent allegations, against many leading figures in Hollywood the industry will clean up it’s act.” The life size sculpture took 2 months to produce with Ginger taking care of the head and upper body, Initially a casting was taken from a similar sized friend and then Ginger skilfully molded the face to match Weinstein’s bloated, unshaven appearance. #oscars #academyawards #metoo #weinstein #sexassault #harrasment #hollywood #streetart #oscars2018 Special Thanks for your generous donation and making this year's Oscars statue happen: Mark & Dianne Weisberg, Mary Ripley, Lizbeth Cuadras, Dr E.W., Simon Kenney, Aaron Von Ossko, Melissa Higdon, Frank Albinder, Mike Wynn, Matty Mo, Robert Ulrich, Jess McBride, Jason Van Ostrander, Agnieszka Enchev, Jon Stern, Michael Kane. Erik Johnson & @jesushands & @padhia & @simplysaraart , @missmichellefit , @savage_boy_lol_18 @pverik

A post shared by Plastic Jesus® (@plasticjesus) on Mar 1, 2018 at 10:52am PST

The Weinstein Company, co-founded by shamed producer Harvey Weinstein, has been sold to an investor group for a $500 million deal - including a $90 million victims' compensation fund.

The group, led by Maria Contreras-Sweet, announced that the board of directors would be largely composed of women.

She said the new owners would "launch a new company, with a new board and a new vision that embodies the principles that we have stood by since we began this process last fall".

Weinstein faces dozens of accusations of sexual abuse, including rape. He denies non-consensual sex.

At the beginning of the week, The Weinstein Company had said it would file for bankruptcy, but after an intervention by New York Attorney General Eric Schneiderman the deal went ahead yesterday.

In a letter Contreras-Sweet wrote to The Weinstein Company last November she outlined her plans for the female-dominated board and added: "Women will be significant investors in the new company and control its voting stock."

Around 150 staff from the existing business will be invited to move to the new firm.

Weinstein has also become the subject of an artwork by street artist Plastic Jesus ahead of the Academy Awards this weekend. He has created a golden statue of the mogul clutching an Oscar and sitting on a sofa in his dressing gown, entitled Casting Couch. It has been installed on the Hollywood Walk of Fame.