Author Topic: EXCLUSIVE: Disney Agrees to Sell Miramax to Tutor for $675M  (Read 1490 times)

Offline Reginald Hudlin

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from THE WRAP:

EXCLUSIVE: Disney Agrees to Sell Miramax to Tutor for $675M
By Sharon Waxman
Published: July 8, 2010
EXCLUSIVE

Los Angeles billionaire Ronald Tutor and his partners Morgan Creek, Colony Capital and David Bergstein have reached agreement to buy Miramax from The Walt Disney Company, Waxword has learned.

The sale price is believed to be $675 million.

The agreement was struck on Thursday afternoon in negotiations led by Tutor, who will take the lead management position in the arthouse studio with a 700-film library, according to a knowledgeable individual.

Tutor intends to run Miramax as a standalone company; Bergstein, a controversial figure who is mired in numerous lawsuits over the closure of ThinkFilm and his other companies, is expected to take a prominent advisory role.

The agreement, which is not yet officially closed but whose broad outlines are agreed-upon by both sides, according to the individual, is expected to officially close by the end of July.

A Disney spokesman could not immediately be reached for comment.

Bergstein Nears Miramax Purchase from Disney
 
 Colony Capital was a late entrant into the negotiations, joining the deal about 10 days ago, according to one insider. Richard Nanula, who heads the fund's entertainment division, is also a former CFO of Disney. His relationships with the company were apparently key in getting to an agreement.

Two other equity partners are involved in the purchase, but have chosen to remain anonymous.

The agreement ends a drawn-out and often difficult negotiation process in which Disney struggled, but ultimately succeeded, in getting a high price for the premium Miramax library, with such contemporary classic movies as "Pulp Fiction," "Shakespeare in Love" and "Chicago."

More to come ...

Offline Hypestyle

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Re: EXCLUSIVE: Disney Agrees to Sell Miramax to Tutor for $675M
« Reply #1 on: July 09, 2010, 10:27:27 am »
interesting.. glad no marvel films were caught up with Miramax...
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