Disney Seeking $40 Million Nonrefundable Deposit to Close Miramax Deal… by Wednesday
Disney has been trying to sell it’s movie house Miramax since March and after several bites, various failures to close the deal, and several attempts to make the company more attractive to bidders Disney may be close to finally sealing the deal. An investment group that includes the construction executive Ronald N. Tutor has reportedly come to an agreement with Disney and is being asked to put down a $40 million nonrefundable deposit on Miramax by Wednesday, July 28th. The hefty deposit is to be accompanied by a plan to finance the purchase for about $650 million plus nearly $25 million in closing costs.
If Mr. Tutor fails to make the deposit in time Disney could open up bidding again to other interested parties, or take Miramax off the market all together. Miramax, which made big name movies like “Pulp Fiction” and “Shakespeare in Love,” was also sought after by Bob and Harvey Weinstein, backed by investor Ron Burkle. The New York Times is reporting that “the Burkle-Weinstein group appeared poised to re-enter the bidding if the Tutor effort failed.”
“As talks with various potential buyers have dragged on, Disney has continued with plans to release the handful of Miramax movies still on the shelf. These films include Julie Taymor’s “Tempest,” now set for a December release, and “The Switch,” a Jennifer Aniston comedy that arrives in theaters on Aug. 20.”
(-The New York Times)