It emerged late last night [8] that the Miramax sale is close to being completed for a sum in the region of $675m, several reports claimed.

Construction magnate Ron Tutor and investment film Colony Capital operated by Thomas Barrack Jr are believed to be close to acquiring the company and its 611-strong library.

Colony recently entered the fray and it is understood they will match Tutor’s equity investment to the tune of several hundred million combined dollars.

Disgraced film financier David Bergstein is involved in the deal, although there is speculation that his role is merely as advisor and he may not take an ownership stake.

Morgan Creek founder Jim Robinson, whose company enjoyed a resurgence at Cannes with activity on several high profile projects, is also understood to be involved as investor.