Disney’s Miramax Films sold – ends months of talks
After long negotiations to find a buyer Walt Disney Co., has announced it will now sell its Miramax film division for over $660 million. The deal is being made with Filmyard Holding LLC whose investors include Ronald Tutor, a construction executive and also Colony Capital LLC, a private equity firm.
In a statement today Disney announced that the sale should be completed by the end of the year. Miramax, known for its art-house productions, was founded by brothers Harvey and Bob Weinstein and some of its biggest movies were “Shakespeare in Love,” and “Pulp Fiction,” according to Ronald Grover and Andy Fixmer over on Bloomberg.
Disney had already begun to wind down Miramax, preferring to concentrate on the Disney and Pixar brands, and apparently Miramax’s founders the Weinstein Brothers along with Ron Burkle a Los Angeles investor, had previously been in negotiations to buy. Although the Weinstein’s originally sold the company in 1993 and left in 2005 the pair still had some film control rights and it has been reported that they have links with Ronald Tutor, an investor in the new deal.
Disney stock fell 33 cents yesterday to $33.71 on the New York Stock Exchange. For more on this go to Bloomberg.com. What are your thoughts on the Disney sale of Miramax? Why not send us a comment.
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