The Weinstein Company suffers $160 million jolt after Amazon drops Robert De Niro-Julianne Moore series

Following the rape and sexual assault case against producer Harvey Weinstein, Amazon has scrapped Julianne Moore and Robert De Niro's 160 million-dollar The Weinstein Company-produced drama and taken over Matt Weiner's The Romanoffs.

The award-winning actors were teaming up with noted director David O. Russell for the pricey drama.

In a joint statement David O. Russell, De Niro and Moore revealed the show would not be moving forward.

"We support Amazon's decision as in light of recent news and out of respect for all those affected we have decided together that it is best to not move forward with this show," the statement read, according to the Hollywood Reporter.

The news comes days after Amazon Studios said it was "reviewing" its options on The Romanoffs, the eight-episode anthology from Mad Men creator Weiner, as well as the untitled Russell drama.

Reportedly, the untitled series, which was to be written and directed by the Oscar-nominated director (Silver Linings Playbook, The Fighter), was a Mafia crime drama, taking De Niro back to his Godfather/GoodFellas roots.

On a related note, Weinstein, considered to be one of the strongest names for Indie films, was terminated as the co-chairman of the company after the sexual harassment allegations came to light.

Despite an effort at contrition by the mogul, Weinstein's lawyer Charles Harder stated that he was preparing for a legal action against the publication.

Meanwhile, law firm Debevoise and Plimpton will continue the investigation into Harvey's behaviour despite his exit.