The University of Southern California has rejected a $5 million gift from Harvey Weinstein following reports that he sexually assaulted multiple women.

"The USC School of Cinematic Arts will not proceed with Mr. Weinstein's pledge to fund a $5 million endowment for women filmmakers," read a statement from the school.

The decision to decline the gift is a direct result of the sexual assault allegations against Weinstein, confirmed USC School of Cinematic Arts spokeswoman Kristin Borella. "In light of the admitted behavior by Mr. Weinstein and the subsequent reports there is no way the school would move forward," she said. "This was a pledge and no funding had begun."

Weinstein has been embroiled in controversy after a New York Times report detailing multiple instances of alleged sexual assault by the movie mogul. Weinstein was ousted from his own company as a result of the claims.