Disney Sells Miramax to Investor Group30 Jul, 2010 By: Erik Gruenwedel
Following months of speculation and third-party intrigue, The Walt Disney Co. July 30 said it sold Miramax Films to Filmyard Holdings LLC for $660 million.
The sale includes rights to more than 700 film titles, including Academy Award winners Chicago, Shakespeare in Love and No Country for Old Men. Also included are non-film assets such as certain books, development projects and the Miramax brand.
Filmyard is a legal entity set up by construction magnate Ron Tutor, investor Tom Barrack with Colony Capital LLC, and other individuals. The transaction is subject to certain regulatory approvals and is expected to close between Sept. 10 and the end of the calendar year.
The independent film studio, which also features Oscar-winning movies The English Patient, The Queen and Good Will Hunting among its critically-acclaimed catalog, was founded in 1979 by Harvey and Bob Weinstein. The brothers, who sold it to Disney in 1993 for $80 million, were among several parties actively attempting to acquire Miramax.
“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 CEO Bob Iger, in a statement.