The Weinstein Company announced Monday it has begun negotiations with Colony Capital, the equity firm chaired by close Trump ally Thomas Barrack, to potentially sell "all or a significant portion of the Company's assets."

"On behalf of the board, we are pleased to announce this agreement and potential strategic partnership with Colony Capital," TWC board member Tarak Ben Ammar said in a statement.

"We believe that Colony's investment and sponsorship will help stabilize the Company's current operations, as well as provide comfort to our critical distribution, production and talent partners around the world. Colony's successful experience and track record in media and entertainment will be invaluable to the Company as we move forward," he said.

Barrack is executive chairman of Colony Capital, and previously served as the chairman of the Presidential Inaugural Committee. He makes frequent television appearances as a close ally of Trump.

The recent news comes amid a series of bombshell sexual assault and harassment allegations against the The Weinstein Company's name sake, Harvey Weinstein. A potential sale of the company could help clear the company's name of the scandal.