Disney Finally Sells Miramax
07-30-10, 08:44 AM
#1
Banned
Thread Starter
Disney Finally Sells Miramax
As indy films struggle, Disney sells Miramax to a business consortium
09:05 AM
Disney's often fractious 17-year relationship with Miramax Films ended this morning when the entertainment conglomerate announced it agreed to sell the independent studio to a business consortium.
Disney says that Filmyard Holdings -- which includes businessman Ron Tutor, as well as investment firm Colony Capital and its chairman Tom Barrack -- will pay "over $660 million subject to certain adjustments."
The deal for Miramax and its 700-film library -- which includes the hits Chicago, Good Will Hunting, and Pulp Fiction -- is the latest sign of the flagging enthusiasm in Hollywood for indy films. Producers are finding it hard to borrow cash in this anemic economy and have been hurt by declining DVD sales and rentals.
Earlier this week Liberty Capital's Starz Media sold its Overture Films operations to a relative new-comer, Relativity Media. Meanwhile, billionaire Carl Icahn is battling to control Lionsgate Entertainment.
Miramax was considered the industry's top indy studio in 1993 when Disney, with great fanfare, paid $80 million for the studio and took aboard its colorful founders Harvey and Bob Weinstein. But the Weinsteins left in 2005, after years of disputes with Disney management. The company slashed Miramax's production slate.
Disney says it expects the deal with Filmyard to close by year end.
By David Lieberman
09:05 AM
Disney's often fractious 17-year relationship with Miramax Films ended this morning when the entertainment conglomerate announced it agreed to sell the independent studio to a business consortium.
Disney says that Filmyard Holdings -- which includes businessman Ron Tutor, as well as investment firm Colony Capital and its chairman Tom Barrack -- will pay "over $660 million subject to certain adjustments."
The deal for Miramax and its 700-film library -- which includes the hits Chicago, Good Will Hunting, and Pulp Fiction -- is the latest sign of the flagging enthusiasm in Hollywood for indy films. Producers are finding it hard to borrow cash in this anemic economy and have been hurt by declining DVD sales and rentals.
Earlier this week Liberty Capital's Starz Media sold its Overture Films operations to a relative new-comer, Relativity Media. Meanwhile, billionaire Carl Icahn is battling to control Lionsgate Entertainment.
Miramax was considered the industry's top indy studio in 1993 when Disney, with great fanfare, paid $80 million for the studio and took aboard its colorful founders Harvey and Bob Weinstein. But the Weinsteins left in 2005, after years of disputes with Disney management. The company slashed Miramax's production slate.
Disney says it expects the deal with Filmyard to close by year end.
By David Lieberman
07-30-10, 10:02 AM
#2
DVD Talk Godfather
Re: Disney Finally Sells Miramax
Weinsteins didn't want to pay over $600MM and the winning bidder put down a non-refundable $40MM deposit.
Interesting because Miramax still includes Scream and some other franchise(s) still under Weinstein Bros. control.
Interesting because Miramax still includes Scream and some other franchise(s) still under Weinstein Bros. control.
07-30-10, 10:13 AM
#4
DVD Talk Hall of Fame
07-30-10, 10:42 AM
#5
Senior Member
Re: Disney Finally Sells Miramax
Does this also include Dimension? If so, hopefully the "business consortium" will remedy the glaring omission of Godzilla vs. Biollante on dvd!
07-30-10, 12:12 PM
#7
DVD Talk Godfather
Re: Disney Finally Sells Miramax
If they paid so much for the library, it means they want to do something with it. Don't bet on fully-loaded editions, though.
08-02-10, 08:35 PM
#10
DVD Talk Legend
Re: Disney Finally Sells Miramax
The count probably includes a good chunk of foreign films to which they have distribution rights in the US. That includes stuff like the Three Colors trilogy, which should be licensed to Criterion ASAP if they aren't planning to do anything with it.
