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Weinsteins “may buy back Miramax”

3 February 2010 No Comment

The Guardian is piecing together news from several stories to report that the Weinstein brothers might be poised to buy back Miramax and its library within months.

The Weinsteins have now reportedly been approached by two hedge funds with a proposal to purchase Miramax as a joint venture. If the sale went ahead, it would no doubt prove a source of contentment for the brothers, who named the firm they founded in 1979 after their parents, Max and Miriam. They sold the company to Disney in 1993, but stayed on as co-chief executives until the acrimonious divorce five years ago.

The LA Times reported that seven to 10 bidders were interested in purchasing Miramax, though it did not name them all. Summit Entertainment, the studio behind the successful teen romance franchise Twilight, is said to be in the running, as are several private equity groups and at least one other independent studio.

Miramax’s library of more than 700 films reportedly brings in more than $300m in DVD and television revenue alone each year, though that figure is disputed. However, the firm is not what it once was: In October, Disney announced it was cutting staff numbers by 70%, and reducing the number of releases from between six and eight to just three films per year.

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