NEW YORK (CNNMoney) - Now the Oscars need to decide what to do about Harvey Weinstein.
After a series of bombshell sexual assault allegations against the Hollywood producer, The Academy of Motion Picture Arts and Sciences said its board of governors will hold an emergency meeting on Saturday to "discuss the allegations against Weinstein and any actions warranted by the Academy."
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"The Academy finds the conduct described in the allegations against Harvey Weinstein to be repugnant, abhorrent, and antithetical to the high standards of the Academy and the creative community it represents," the organization said in a statement.
It was not immediately clear what punitive measures The Academy could take. The organization did not respond to multiple requests for additional information.
The announcement follows a move by The British Academy of Film and Television Arts on Wednesday to suspend Weinstein's membership.
Weinstein became the subject of public outrage after several shocking reports over the past few days that detailed decades worth of alleged sexual harassment and rape.
A spokesperson for Weinstein said this week that "any allegations of non-consensual sex are unequivocally denied." Weinstein also apologized for "the way I've behaved with colleagues in the past."
The controversy has triggered a business disaster for Weinstein, an industry giant. The Weinstein Company's board -- which includes Harvey's brother, Robert -- said Sunday that Harvey Weinstein had been "terminated, effective immediately."
The Weinstein Company is behind a number of Oscar-winning hits, including "Silver Linings Playbook," "The King's Speech," and "Django Unchained."
Weinstein also personally won an Oscar in 1999 for the film "Shakespeare in Love," which received the Best Picture award. Weinstein was a producer for the project.
A representative for Weinstein told CNN on Tuesday that the disgraced mogul is heading to rehab.
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