Disney Sells Miramax for $660 million
The 6-month drama is over and Disney has finally sold off art-film house Miramax to Filmyard Holding LLC, a group of investors including construction executive Ronald Tutor and Colony Capital LLC, a private equity firm.
“Our current strategy for Walt Disney Studios is to focus on the development of great motion pictures under the Disney, Pixar and Marvel brands,” President and Chief Executive Officer Robert Iger said in the statement, according to Bloomberg.
Prior to the sale, Disney had been in buy-back negotiations with the Weinstein Brothers, who founded the film house and sold it to Disney in 1993. After a $600 million near-sale, negotiations were terminated.
Miramax is best known for Academy Award winners “Chicago,” and “Shakespeare in Love.” Top grossing for the company were “Chicago,” “Scary Movie,” and “Good Will Hunting.”