UPDATE: Harvey Weinstein was terminated by The Weinstein Company on Sunday, Oct. 8. "In light of new information about misconduct by Harvey Weinstein that has emerged in the past few days,  the directors of The Weinstein Company - Robert Weinstein, Lance Maerov, Richard Koenigsberg and Tarak Ben Ammar - have determined, and have informed Harvey Weinstein, that his employment with The Weinstein Company is terminated, effective immediately," the Sunday statement read.

What will happen to Harvey Weinstein's company? That's just one question that's emerged following the shocking sexual harassment allegations against the producer.

Weinstein announced this week that he was taking an "indefinite" leave of absence following The New York Times' expose. The story revealed that the producer has settled eight sexual harassment claims over the past 30 years. Weinstein's attorney has since threatened to sue the Times, though the producer has also expressed regret for his actions.


"I appreciate the way I've behaved with colleagues in the past has caused a lot of pain, and I sincerely apologize for it," he told E! News. "Though I'm trying to do better, I know I have a long way to go."

For the time being, co-chairman Bob Weinstein (Harvey's brother) and COO David Glasser will run The Weinstein Company.  "As Harvey has said, it is important for him to get professional help for the problems he has acknowledged," four of the company's board members — including Bob Weinstein — said in a statement. "Next steps will depend on Harvey’s therapeutic progress, the outcome of the Board’s independent investigation, and Harvey’s own personal decisions."

Rose McGowan Rose McGowan reportedly agreed to a $100,000 settlement after allegedly being sexually harassed by Harvey Weinstein (Photo: Splash News).

But other board members apparently do not want to wait that long. Three of them — Dirk Ziff, Marc Lasry, and Tim Sarnoff —resigned on Friday, and the status of a fourth, Paul Tudor Jones, is unknown. The remaining board members have already hired a law firm to investigate the allegations.

It's also unclear if the business will survive this scandal. As Variety noted, there had been speculation even before this news broke that the company was running out of money. Harvey Weinstein has also long been the face of the business.

Yet Harvey Weinstein has no desire to exit his company permanently. The Hollywood Reporter reported that during a Thursday board meeting, he was initially reluctant to take the leave of absence because the board wouldn't promise that he could return in the future.

Brie Larson Brie Larson is one of several stars who has publicly supported Harvey Weinstein's alleged victims (Photo: imageSPACE / Splash News).

Since then, Weinstein's lawyer has announced on Twitter that the producer and his company are close to some kind of agreement.

But many believe that the scandal will indeed end Harvey Weinstein's Hollywood career. As Variety pointed out, it will be hard for him to find new investors. Stars may also be wary of working with him- especially since actresses were among his alleged victims.

One of those actresses, Rose McGowan, reportedly agreed to a $100,000 settlement with Weinstein back in 1997. McGowan has not confirmed the speculation but did post a cryptic tweet seemingly directly at the producer. Other stars, including Brie Larson, Lena Dunham and Amber Tamblyn, have also publicly expressed their support for the alleged victims.

And now that the Times story is out there, other women may soon come forward with more allegations. On Friday, journalist Lauren Sivan alleged that the mogul masturbated in front of her in a restaurant hallway 10 years ago.

Nevertheless, there are some who think Harvey Weinstein's career isn't over. "I don't know if he's done because Harvey is the kind of person who has the ability to rise again, which he has done so many times from a business perspective," Sharon Waxman, CEO and founder of The Wrap, told Time.

She continued, "If he can make amends, if he can apologize then I think a lot of things are possible. Hollywood is not public office, you are not required to have a morality clause necessarily. It's business. And ultimately he has to run his business which has also survived near-death experiences many, many times, and has also been sold for $600 million. I would say it's up to him as to whether he survives in Hollywood."

Do you think Harvey Weinstein's company will survive the scandal? Let us know your take in the comments section below.