Harvey Weinstein reportedly resigns after ultimatum from board

- Harvey Weinstein has reportedly resigned from the board of directors of The Weinstein Company, the successful film-production firm he co-founded with his brother.

The company fired Weinstein last week amid mounting sexual harassment and assault allegations, but he still had a seat on the company's board.

The board met Tuesday in New York City with Weinstein calling in from Arizona. According to TMZ, the board gave him an ultimatum- resign or be fired. Weinstein decided to resign. 

There's still a chance Weinstein could challenge his ousting from the company in court.
 
Meanwhile, the Weinstein company is reportedly in talks to sell it's assets to Colony Capital. 

According to TMZ, Weinstein argues that his 2015 employment contract allows him to keep his job even if he was sued for sexual harassment or misconduct as long as he reimburses the Weinstein Company for any losses it incurs due to lawsuits.
 
Earlier this week, the producers guild began taking steps to expel Harvey Weinstein. The board is expected to give a final ruling on November 6th.

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