A group of mostly female investors have snapped up the company for a cool $500 million - and they're hoping to employ a fresh board of mostly female directors.
Maria Contreras-Sweet, whose last job was head of the U.S. Small Business Administration, is apparently leading the charge.
Speaking in a statement, she said: "[We will] 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."
"Those principles have never wavered and have always been to build a movie studio led by a board of directors made up of a majority of independent women, save about 150 jobs, protect the small businesses who are owed money and create a victims’ compensation fund that would supplement existing insurance coverage for those who have been harmed.
"The cornerstone of our plan has been to launch a new company that represents the best practices in corporate governance and transparency. I have had a long-standing commitment to fostering women ownership in business. This potential deal is an important step to that end."
The victims' compensation fund is a key part of the deal—and not just because it's the right thing to do. Speaking to Deadline, New York attorney general Eric Schneiderman explained that his office will support a deal that ensures victims will be adequately compensated.
He said: "As I made clear from the start, our office will support a deal that ensures victims will be adequately compensated, employees will be protected moving forward, and those who were responsible for misconduct at TWC will not be unjustly rewarded.
"As part of these negotiations, we are pleased to have received express commitments from the parties that the new company will create a real, well-funded victims compensation fund, implement HR policies that will protect all employees, and will not unjustly reward bad actors."
He also noted that his team will work with the parties in the coming weeks to ensure that the parties "honor and memorialize" these commitments prior to closing.
He added: "Our lawsuit remains active and investigation remains ongoing at this time."
Weinstein is the co-founder of Miramax and the Weinstein Company. He has produced a number of Oscar-winning films, including Shakespeare in Love and The King's Speech.
Since October, hundreds of women have come forward accusing him of intimidation, sexual assault and rape. The New York Times broke the first story, claiming he has sexually harassed women for over 30 years. Actresses who have come forward include Angelina Jolie and Gwyneth Paltrow.
In its report, the paper revealed that the producer reached a settlement with actress Rose McGowan in 1997 for $100,000, one of the many he has paid out over the years.
In a statement to The Times, the 65-year-old father-of-five said: “I appreciate the way I’ve behaved with colleagues in the past has caused a lot of pain, and I sincerely apologise for it. Though I’m trying to do better, I know I have a long way to go.”
Revealing that he will take a leave of absence from his company and that he is working with therapists to deal with his issues, he continued: "My journey now will be to learn about myself and conquer my demons."
"I so respect all women and regret what happened," he added before concluding: "I cannot be more remorseful about the people I hurt and I plan to do right by all of them."
As a public figure, Weinstein has carved out an image of himself as a champion of women. During the last Presidential campaign, he hosted a fundraiser for Hillary Clinton at his Manhattan home. He employed Malia Obama as an intern this year at his company and during Sundance Festival in Utah, he joined the nationwide Women's March.