cornbetts

LOS ANGELES - The new chief executive of Miramax Films said Thursday that he'll focus primarily on boosting sales of the 700-movie library of Oscar winners and other classics while looking for partners to make new films.

Mike Lang, a 45-year-old former strategy executive at News Corp.'s Fox, started this week as head of the edgy studio, which investment group Filmyard Holdings bought from The Walt Disney Co. for $663 million last week.

Miramax was founded in 1979 by Harvey and Bob Weinstein and named after their parents Miriam and Max. The studio is behind a string of Oscar winners including "Shakespeare in Love" (1998), "Chicago" (2002) and "No Country for Old Men" (2007). Disney offloaded the niche label in favor making more family-oriented franchises and its Pixar and Marvel brands.

Among Lang's top priorities are partnering with distributors to sell DVDs and offer Miramax movies, such as "The English Patient," online. He's also looking to license the films to TV channels at home and abroad.

"The TV market around the world is growing. They're all going to need movies for their channels," he said in an interview.

Among his first priorities: releasing "Pulp Fiction" on Blu-ray and finding a partner to distribute three films that have not yet been released theatrically: "The Debt," "Don't Be Afraid of the Dark," and "Last Night."

Filmyard Holdings is majority owned by Colony Capital, its CEO Tom Barrack, and passive investor Qatar Holding LLC, an arm of the Middle Eastern country's government. Ron Tutor, the chief executive of construction company Tutor-Saliba Corp., is also an investor.

Their purchase of the studio, which Disney bought in 1993 for $80 million, included taking on $408 million in debt in two batches, which Moody's Investors Service on Wednesday rated as below investment grade at "Ba2" and "B2." Accounting for fees and cash on the books, the investors' equity portion came to $245 million.

Filmyard expects existing deals should result in cash flow above $150 million for the first year, and it expects to be able to pay back its debt before maturity in six years. Moody's said its rating reflects that the library will age and generate less revenue over time.

Lang said he expects to hire 50 to 75 people in the next couple years. Besides generating new sources of revenue for existing movies, he said he hopes to partner with others, including the Weinsteins, to develop sequels to franchises in its catalog. Miramax and the Weinsteins share rights on a number of series including "Scary Movie" and "Scream."

TomOpus

Bring on the Gimp!

GenPion

So... how soon? I want it tomorrow.

And please release Jackie Brown at the same time.

acdcrocks1980

Bring back the Clerks Cartoon... Kevin Smith sounded like he'd do it if offered...

John Galt

That's one way to get the movies you want released on Blu. Wish I could afford a movie studio.

asianxcore

+1

lamphorn

Yes. I'm still disappointed that Miramax didn't go back to the Weinsteins, but hopefully they'll do these films justice and not just slap a shoddy transfer onto blu-ray. Hopefully Tarantino will participate, because while he's loyal to the brothers, Pulp and Jackie Brown are major parts (if not the most important) of his legacy and they should be preserved properly.

MTRodaba2468

Agreed on both counts.

Matthew Chmiel

What are the over/under odds that the studio Lang partners with is Fox?

I'd also suggesting buying those few Miramax titles that are currently on Blu-ray just to be on the safe side.

mikelowry

Wouldn't be great if they give the rights to Criterion? Just a thought.

rexinnih

This

and

this.

Daytripper

Agree re: "Jackie Brown". That import BD was not great. And the Canadian release of "The English Patient" is one of the worst BD PQ's I've ever seen.

PopcornTreeCt

[bragging]Already got this imported from Norway. Yes, it looks fantastic.[/bragging]

Guru Askew

Why? So they can charge an extra $10 to round up existing extras that Miramax already has the rights to?

bluetoast

Looks like this guy has a good plan for now. And he's hiring? Who's in?!

TomOpus

We need to get one of our own in there as part of their Blu-ray production team.

NoirFan

I'm not interested in the Tarantino titles, but hopefully this means the possibility of more Miramax Blu-rays down the line.

PopcornTreeCt

Malena, please.

Mr. Cinema

Cop Land and Rounders would be nice too.

lattethunder

And the Director's Cut of Mimic.

Sessa17

Agree on both counts.

The Man with the Golden Doujinshi

I was in the mood to watch this last week and thought it was already out. Shows what I know.

Drexl

Release the Three Colors trilogy or let Criterion have it. Also, do Shakespeare in Love, The English Patient, and Life is Beautiful.

Superdaddy

Wings of the Dove and Sirens, so I can trash two non-anamorphic DVDs, and Strawberry and Chocolate would be nice too.

bluetoast

One of us there, and one of us at Best Buy Corporate...and we're in business!