Bob and Harvey Weinstein are to leave Miramax, the company they founded 25 years ago.

In a statement today, Disney and the Weinstein's confirmed the long-awaited decision. The Weinsteins will stay at Miramax on a non-exclusive basis until September 30 but will begin work immediately on a new as yet unnamed venture.

Detail of their successors will be announced in July.

The settlement confirms DIsney's right to keep the Miramax name, while the Weinstein's will take the DImension label.

But the joint statement says that there will be collaborations in future.

"Their (the Weinsteins') creative instincts are undeniable, and they have developed a valuable asset for this company. We look forward to future collaborations with them through this newly established relationship," said Disney chief executive Robert Iger