The Weinstein Co. is expected to file bankruptcy after talks with a potential buyer broke down, according to media reports.

The entertainment company, co-founded by Harvey Weinstein, had been moving toward a deal to sell its assets to an investor group led Ron Burkle and Maria Contreras-Sweet for $500 million, according to Variety. But on Feb. 25, the TWC board of directors released a letter saying the investor group would not provide interim financing and TWC would be forced to file for bankruptcy, according Variety, which has a copy of the letter.