Walt Disney Co sells off Miramax
Published 30/07/2010 | 12:32
The Walt Disney Co has agreed to sell its Miramax Films to an investor group for about $660 million, ending a 17-year association with the studio and a six-month bidding process.
The New York Times and Los Angeles Times report Disney signed the agreement late on Thursday with Filmyard Holding, an investor group led by construction magnate and Hollywood outsider Ronald Tutor.
Tutor and his partners put down a non-refundable deposit of $40 million to Disney on Thursday.
Disney had been looking to sell Miramax amid a studio overhaul because it no longer resonated with its other family centric studio units such as Pixar and Marvel.
The Weinsteins' recent bid to buy Miramax with the financial backing of supermarket magnate Ron Burkle was halted after Burkle cut the offer price to about $565 million from $625 million.
Miramax's Oscar-laden film library is full of prestigious films such as My Left Foot (1989), Pulp Fiction (1994) and Good Will Hunting (1997).
The label was founded in 1979 by Harvey and Bob Weinstein, who named it after their parents, Miriam and Max. It was sold to Disney for $80 million in 1993, and the brothers stayed on as managers.