It’s been rumored by entertainment executives that Disney was asking for $650 million to acquire their Miramax division. The latest bid by billionaire investor Ron Burkle, teamed up with movie producers Bob & Harvey Weinstein, has become the closest to that asking price offering a stiff $600 million bid. Already nervous about overpaying for the art-house studio they aren’t expected to raise that offer if competition heats up within the small pool of bidders.
Burkle & his Yucaipa Cos., who have been extremely successful in numerous supermarket & grocery chain investments, could use Miramax’s 700-title library in their retail interests across the Unites States. Currently boasting a library of over 700 titles, including blockbusters like ‘No Country for Old Men’ & ‘Pulp Fiction,’ Miramax is up for bid at the same time investors are hovering around the sale of Metro-Goldwyn-Mayer.
Disney had initially set a deadline for all bids to be in by March 31st, they’ve already postponed that date twice.