Harvey Weinstein has been fired from his own company

Hollywood mogul Harvey Weinstein has been fired from the company bearing his name following a string of sexual harassment revelations.

The board of the Weinstein Company released a statement on Sunday saying it had terminated his employment after the New York Times reported that the company’s co-founder had settled lawsuits by at least eight woman over sexual harassment claims.

"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 board said in the statement, according to The Wrap.

On Friday, Weinstein said he planned to sue The Times for $50 million for "reckless reporting."

Weinstein initially planned to take a leave of absence from the business he co-founded with his brother Robert in 2005, having issued a statement that apologized for how he "behaved with colleagues in the past," acknowledging it "caused a lot of pain."

High-profile actress Ashley Judd was among those to detail allegations about Weinstein, alleging that 20 years ago, he invited her to the Peninsula Beverly Hills hotel for what she thought was a breakfast meeting, but then sent her up to his room, appeared in a bathrobe, offered her a massage, and asked her if she wanted to watch him take a shower.

Harvey and Bob Weinstein co-founded Miramax Films in 1979, then left to create The Weinstein Company. Their credits list includes the Oscar winners “Sex, Lies and Videotape,” “Shakespeare in Love,” “Pulp Fiction,” and “Good Will Hunting.”

The brothers are estimated to be worth around $130 million each.