Disney sells Miramax
Source: Agencies |
July 31, 2010, Saturday
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Print Edition
Print Edition
THE Walt Disney Co yesterday said it has agreed to sell Miramax Films to an investor group for about US$660 million, ending a 17-year association with the studio and a six-month bidding process.
Miramax's Oscar-laden film library has more than 700 titles. But Disney had been looking to sell it amid a studio overhaul because it no longer fitted with its other family centric studio units such as Pixar and Marvel. The entertainment company signed an agreement with Filmyard Holding, an investor group led by construction magnate and Hollywood outsider Ronald Tutor. Other investors include Colony Capital LLC, a real estate investment group, and its CEO Tom Barrack.
Miramax's Oscar-laden film library has more than 700 titles. But Disney had been looking to sell it amid a studio overhaul because it no longer fitted with its other family centric studio units such as Pixar and Marvel. The entertainment company signed an agreement with Filmyard Holding, an investor group led by construction magnate and Hollywood outsider Ronald Tutor. Other investors include Colony Capital LLC, a real estate investment group, and its CEO Tom Barrack.
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