The Weinstein Company will cease to exist as we know it under a new sale that also sets aside about $90 million for its co-founder Harvey Weinstein's alleged victims, reports the New York Post. The company's board has agreed to a $500 million deal to sell 90% to 95% of the studio's assets—including 277 movies and Project Runway—to an investor group led by Maria Contreras-Sweet, former chief of the Small Business Administration, reports CNN.
The deal will allow investors to launch a new company with a new board "made up of a majority of independent women," Contreras-Sweet says, per the New York Times. The Weinstein Company will continue on only as a shell of its former self. Noting a lawsuit against the company will continue, New York attorney general Eric Schneiderman says the investor group will also "implement HR policies that will protect all employees" and create "a real, well-funded victims compensation fund." (Read more The Weinstein Company stories.)