Disney sells Miramax to investor for $660 million - Hindustan Times
close_game
close_game

Disney sells Miramax to investor for $660 million

AP | By, Los Angeles
Jul 30, 2010 04:32 PM IST

The Walt Disney Co. has agreed to sell its Miramax Films to an investor group for about $660 million, ending a 17-year association with the studio and a six-month bidding process.

The Walt Disney Co. has agreed to sell its Miramax Films to an investor group for about $660 million, ending a 17-year association with the studio and a six-month bidding process.

HT Image
HT Image

The New York Times and Los Angeles Times report that Disney signed the agreement late Thursday with Filmyard Holding, an investor group led by construction magnate and Hollywood outsider Ronald Tutor.

Hindustan Times - your fastest source for breaking news! Read now.

Tutor and his partners put down a nonrefundable deposit of $40 million to Disney on Thursday.

Disney had been looking to sell Miramax amid a studio overhaul because it no longer resonated with its other family centric studio units such as Pixar and Marvel.

Miramax's Oscar-laden film library is full of prestigious films such as "My Left Foot" (1989), "Pulp Fiction" (1994) and "Good Will Hunting" (1997).

The label was founded in 1979 by Harvey and Bob Weinstein, who named it after their parents, Miriam and Max. It was sold to Disney for $80 million in 1993, and the brothers stayed on as managers. The Weinstein's recent bid to buy Miramax with the financial backing of supermarket magnate Ron Burkle was halted after Burkle cut the offer price to about $565 million from $625 million.

Unlock a world of Benefits with HT! From insightful newsletters to real-time news alerts and a personalized news feed – it's all here, just a click away!- Login Now!
Stay informed on Business News along with Gold Rates Today, India News and other related updates on Hindustan Times Website and APPs
SHARE THIS ARTICLE ON
Share this article
SHARE
Story Saved
Live Score
OPEN APP
Saved Articles
Following
My Reads
Sign out
New Delhi 0C
Friday, March 29, 2024
Start 14 Days Free Trial Subscribe Now
Follow Us On