The Walt Disney Company has reportedly reopened negotiations with another bidder for Miramax after the collapse of talks with the Weinstein brothers and their financial backers.
News that long-running talks between Disney, Harvey and Bob Weinstein and backers including Ron Burkle’s Yucaipa Companies had stalled first surfaced late last week. In response, Harvey Weinstein and Burkle issued a statement saying that “The Weinstein Brothers, The Weinstein Company and Ron Burkle are all working towards a deal to purchase and operate Miramax.”
However fresh reports appeared on Tuesday in the Wall Street Journal and several other US media outlets saying that the exclusive negotiations between the Weinsteins and Disney broke down on Monday (May24).
Representatives of the Weinstein Company and Disney did not return calls seeking comment on the new reports.
The breakdown appears to have been caused by concerns about how the Weinstein Company and the Miramax assets - primarily the pioneering independent’s 600-title film library - would fit together.
Disney is now believed to have re-started talks with billionaire investors Alec and Tom Gores, who originally bid around $550m for Miramax but were edged out of exclusive negotiations with Disney by the $625m Weinstein/Burkle bid.
The Gores are also thought to be considering a bid for Overture Films and other assets owned by Liberty Media.