Sale of Chris Noth's tequila brand terminated following sexual assault allegations

The company set to acquire Chris Noth's tequila brand has called off the deal due to the sexual assault allegations against him.

The Sex and the City actor was gearing up to sell his brand Ambhar to Entertainment Arts Research, a publicly traded beverage company. However, officials at Entertainment Arts decided to call off the deal after Noth was accused of sexual assault by two women in an article by The Hollywood Reporter last week.

"We thought it would be in our best interest to withdraw from the transaction," Chief Executive Bernard Rubin told the New York Post on Friday. "It would have been disastrous for us."

According to the publication, Rubin called Ambhar on Friday to announce that the deal had been terminated. Entertainment Arts Research officials agreed to buy the brand for $12 million ($9 million) back in August and were about to sign the final agreement when the allegations were published last week.

Noth, who recently reprised his role as Mr. Big for And Just Like That..., was also dropped by his management on Friday and his recent advert for fitness company Peloton was pulled.

He vehemently denied the allegations in a statement to The Hollywood Reporter.

"The accusations against me made by individuals I met years, even decades, ago are categorically false. These stories could've been from 30 years ago or 30 days ago - no always means no - that is a line I did not cross," he said. "The encounters were consensual. It's difficult not to question the timing of these stories coming out. I don't know for certain why they are surfacing now, but I do know this: I did not assault these women."

In response to the story, actress Zoe Lister-Jones accused the actor of being "sexually inappropriate" to a female employee when she worked at Noth's New York nightclub and to her when she guest-starred in an episode of Law & Order: Criminal Intent.