Harvey Weinstein Says He Is Too Broke to Pay Child Support
Disgraced Hollywood producer Harvey Weinstein's net worth could soon change.
The onetime mogul reportedly came to a divorce settlement with Marchesa designer Marchesa designer Georgina Chapman near the end of 2017. Under the terms of the agreement, Chapman will receive primary custody of their children, ages 4 and 7, and between $15 million and $20 million, the New York Daily News reports.
He also told his first wife, Eve Chilton, that he can't afford to pay child support for their two daughters for "at least one year," according to a recently released court ruling first reported by the New York Post. A previously sealed January 2 ruling by Manhattan Supreme Court Justice Michael Katz reportedly denies a demand for $5 million that Weinstein's first wife, Eve Chilton, says he still owes her from their 2004 divorce settlement.
Weinstein has been accused of sexual harassment and abuse by more than 100 women, and two cases are being reviewed by the Los Angeles County District Attorney's office. He has denied the allegations.
He was fired from the Weinstein Company, the film production company he co-founded in October, too, following the October publication of the New York Times's bombshell report of the Hollywood producer's alleged sexual harassment. Here's what happened to Weinstein and the company since then along with what he's doing now.
HOW WEINSTEIN FOUND OUT ABOUT HIS FIRING
Weinstein was reportedly notified of his termination in an email in early October. The New York Times reports that the company's four board members—Lance Maerov, Bob Weinstein (Harvey's brother), Richard Koenigsberg, and Tarak Ben Ammar—made the decision to fire him, and they issued a statement saying they were "shocked and dismayed by the recently emerged allegations of extreme sexual misconduct and sexual assault by Harvey Weinstein" and that the actions "come as an utter surprise to the Board."
Brothers Bob and Harvey Weinstein founded the Weinstein Company in 2005.
But Weinstein, whose net worth with designer Georgina Chapman, has been estimated at $255 million, may not leave empty-handed. If this situation plays out anything like Roger Ailes's dismissal from Fox News, Weinstein could end up with a serious payday. (A spokeswoman for the Weinstein Company did not respond to an email request for comment.)
According to the Huffington Post, Ailes was paid $40 million to leave the company he led in spite of similar sexual harassment claims and reported payouts to victims. The $40 million figure was the amount Fox News was "contractually obligated to pay Ailes, under the terms of his contract, which was in effect until 2018."
WHAT HE'S DOING NOW
The one-time mogul is reportedly undergoing treatment at the Meadows, a high-end rehabilitation facility in Wickenburg, Arizona that offers treatment for sexual addiction (Kevin Spacey has also reportedly spent time there). On Wednesday, TMZ posted a video of Weinstein getting slapped in the face
HOW MUCH IS THE WEINSTEIN COMPANY WORTH?
While an official valuation of the privately held Weinstein Company, which has about 150 employees in offices in Los Angeles and New York City, is not available, Harvey Weinstein told the Hollywood Reporter in 2016 that the company was worth $700 to $800 million. More recently, it was valued around $500 million. It has received 341 Oscar nominations and won 81 Academy Awards, according to the company's website.
WHAT'S NEXT FOR THE COMPANY?
Even before this scandal broke, the Weinstein Company faced challenges. It "dodged bankruptcy in 2010 with a $450 million debt-restructuring deal that forced it to hand over the rights to 200 films in its archives to Goldman Sachs and Assured Guaranty Ltd.," according to the New York Post.
Harvey Weinstein and Georgina Chapman in 2017
And its recent movies haven't banked what past ones have. Between 2009 and 2013, five of its movies made more than $100 million domestically at the box offices,
With a reported internal investigation into the allegations that's been estimated to cost between $20 and $40 million, along with a reported rebranding and name change, the Weinstein Company could be facing some serious financial difficulties.
WILL IT BE SOLD?
In late October, a preliminary agreement for a cash infusion that had been arranged with Thomas Barrack, Jr.'s private equity firm Colony Capital was called off. A new deal, however, may be on the table with a group of investors led by former Maria Contreras-Sweet, who ran the Small Business Administration under President Obama. The deal, first proposed by Contreras-Sweet in November, could be reached as early as mid-January, the Los Angeles Times reports. Her proposal included renaming the company and appointing a board of directors with a female majority (the board is currently all-male). Other reported backers include billionaire Ron Burkle and Dallas-based private equity firm Lantern Asset Management.
This story originally appeared on Townandcountrymag.com.
* Minor edits have been made by the Townandcountry.ph editors.