Harvey Weinstein’s company is filing for bankruptcy
#MeToo has successfully turned the film industry upside down, and proves that even if you're a huge powerful global company, if your values suck, you're never safe
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.
It’s not just about what you do, it’s where you do it. Workplaces can create and cut jobs, borrow money and interact with the financial market, and buy and sell products from other workplaces, affecting their financial situations. There’s also the question of whether our workplaces should be taking care of us, or whether that’s the government’s job…