Filmyard Acquires Miramax for $660 Million
In another proof that it is taking a new strategy regarding its film ventures, Walt Disney Co. announced that it has sold Miramax studio to Filmyard Holdings LLC for more than $660 million.
Disney chief executive Robert Iger said the sale is in line with their current strategy to “focus on the development of great motion pictures under the Disney, Pixar and Marvel brands.” The sale to Filmyard, which has construction magnate Ron Tutor among its investors, includes rights to some 700 movies. Among the movies that Disney relinquished in the deal are certified hit “Pulp Fiction” and Academy Award winners “Chicago,” “Shakespeare in Love,” and “No Country for Old Men.”
Negotiations for the sale of Miramax began in January, with several groups, including studio founder Weinstein brothers, competing with Filmyard. However, Disney saw a better deal with Filmyard, and exclusive talks started in June.
Disney acquired Miramax in 1993 for only $80 million, with founders Harvey and Bob Weinstein remaining with the studio. However, disagreements between the Weinsteins and Disney CEO at the time, Michael Eisner, led to the formal break up of the partnership in 2005.