Disney has finally struck a deal to sell its Miramax film division to the Filmyard group of private equity investors.
The deal is said to be worth about $660m (subject to adjustments). Filmyard Holdings is led by construction kingpin Ron Tutor and investment company Colony Capital.
The deal includes a 700-title library, and non-film assets such as the Miramax name, books, and development projects.
The deal is expected to be final by the end of the year, subject to certain regulatory approvals.
“Although we are very proud of Miramax’s many accomplishments, our current strategy for Walt Disney Studios is to focus on the development of great motion pictures under the Disney, Pixar and Marvel brands,” said Robert Iger, Disney president and CEO. “We are delighted that we have found a home for the Miramax brand and Miramax’s very highly regarded motion picture library.”
Tutor added: “I am delighted and honored to acquire the Miramax library. On behalf of my partners Tom Barrack and Colony Capital, we look forward to sharing this high quality content with the world in every form of media for many years to come.”
Disney had engaged in talks with multiple bidders – including original Miramax founders Harvey and Bob Weinstein – since announcing the division was for sale in February.
Miramax titles include hits such as Pulp Fiction, Shakespeare in Love, Chicago, Scream, Spy Kids and No Country For Old Men.