LOS ANGELES (AP) - 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
The New York Times and Los Angeles Times report that Disney
signed the agreement late Thursday with Filmyard Holding, an
investor group led by construction magnate and Hollywood outsider
Tutor and his partners put down a nonrefundable 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.
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.
The Weinstein's 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.