News Flash: Disney Sells Miramax for $660M

Hey Hollywood, have you heard? Bidding for Miramax Films is finally over after a 6 month-long process. The Walt Disney Co. has agreed to sell the studio, ending its 17-year association with Miramax, to an investor group (Filmyard Holding) for $660 million buckaroos.

“Although we are very proud of Miramax’s many accomplishments, our current strategy for Walt Disney Studios is to focus on the development of great motion pictures under the Disney, Pixar and Marvel brands,” said Disney president/CEO Robert A. Iger. “We are delighted that we have found a home for the Miramax brand and Miramax’s very highly regarded motion picture library.”

The agreement was signed on Thursday with Filmyard Holding, an investor group led by construction magnate Ronald Tutor. Other investors include Colony Capital LLC, a real estate investment group, and its CEO Tom Barrack. According to Disney, the deal is could close as soon as September 10th.

Though some of us (including myself) expected/wanted Harvey and Bob Weinstein to take back the label (they originally founded in 1979 & named after their folks Miriam & Max) and sold to Disney for $80 million in 1993, alas…not the case.

It’s no secret that Miramax has had a rough time of it over the past several years. The company cut down its staff & reduced the amount of annual releases significantly. Still, the 700+ titles belonging to the Miramax film library are impressive ones. They include titles like Pulp Fiction, Chicago & Good Will Hunting. I’ve been a fan. And hope that that will continue…

*Got word of this via The LA Times