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The company was set up by siblings Bob and Harvey in 1979 and named after their parents Max and Miriam. It was sold to Disney in 1993 and the brothers severed all ties with the firm in 2005.
It was rumoured that the Weinsteins had been negotiating a $625 million (£435 million) deal to rebuy the company with the backing of billionaire Ron Burkle.
However, according to the Wall Street Journal, the complexity of the deal has caused the negotiations to fall through.
It added that brothers Tom and Alec Gore may now step in to purchase the company for an estimated $550 million, while other parties are also said to be interested in a deal.
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