The Miramax deal is done. A group of investors, led by Ron Tutor and Colony Capital, has sealed the deal acquire the Miramax name, library, and assets from Disney. Various outlets reported the details of the deal late last night. Variety‘s Cynthia Littleton noted the pact’s details saying that the, “Deal calls for the group, dubbed Filmyard Holdings, to pay more than $660 million — subject to certain adjustments, per Disney — for the rights to 700 library titles, plus the Miramax name, books, development projects and other assets. Deal is expected to close between Sept. 10 and the end of the year. Disney will handle distribution of a handful of completed Miramax pics that have yet to be released, an arrangement that may be in place for up to a year after the transaction is completed.”
Commenting on the path to the deal, Deadline.com‘s Nikki Finke noted, “All in all, $660 million is a very good price for the company because film library values have taken a hit as DVD/video has flattened. True, Disney once placed a sky-high $1.2 billion pricetag on the Miramax library. The studio hoped to get around $800 million, then $700 million, and this number comes awfully close to that. The final figure exceeds the $625M – $650M which the Weinstein brothers/Ron Burkle/Fortress-Colbeck partnership seemed ready to pay until talks broke down.” The Hollywood Reporter and The Wrap also report.
“Although we are very proud of Miramax’s many accomplishments,” said Disney company head Bob Iger, in a statement included in the NY Times, “Our current strategy for Walt Disney Studios is to focus on the development of great motion pictures under the Disney, Pixar and Marvel brands.”