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The Weinstein Company's future is more than bleak, Jeffrey Sonnenfeld, a professor at the Yale School of Management, told CNBC on Tuesday.
Over the years, company co-founder Harvey Weinstein has reached at least eight legal settlements with women over alleged harassment, The New York Times reported Thursday. On Monday, the paper reported that Gwyneth Paltrow and Angelina Jolie are among those who say the Hollywood mogul harassed them.
Although the co-chairman was fired on Sunday from his position, Sonnenfeld still sees the company as doomed to failure.
"I can't see that this business is recoverable. Plenty of executives have missteps — there are many companies that hit a pothole — and there's no reason to give up for most of them. In this case, this is irretrievable," Sonnenfeld, a senior associate dean for leadership studies, told "Closing Bell. "
Last week, Weinstein issued a lengthy statement that acknowledged causing "a lot of pain" and asked for "a second chance." But he and his lawyers have criticized the Times report in statements and interviews.
In light of the circumstances surrounding Weinstein's termination, The Weinstein Co. will rename itself, both the Associated Press and TheWrap reported, citing sources. The company is also moving to pull Weinstein's name from the credits of several upcoming television series, including "Waco" and "Yellowstone."
Even so, Sonnenfeld doesn't think this will help revive the company.
"This was a pattern of behavior that destroys the moral character of the individual, and if he owns 42 percent of the place, no matter what you call it, if you call it 'Mother Teresa's Library,' people are still going to know the reality here," he said.
"If there were 50 great films, that was in their past. Their reputation stands them going forward."
— The Associated Press contributed to this report.