Posts Tagged ‘Weinsteins’
The agreement between Disney and Ron Tutor and Colony Capital (now dubbed Filmyard Holdings) to sell Miramax and its library has been made official. The latter will purchase the studio for $660 million, including the rights to its books, developing projects, and other assets. The deal is expected to close sometime between Sept. 10 and the end of the year.
“Although we are very proud of Miramax’s many accomplishments, our current strategy for Walt Disney Studios is to focus on the development of great motion pictures under the Disney, Pixar and Marvel brands,” said Robert Iger, Disney president and CEO. “We are delighted that we have found a home for the Miramax brand and Miramax’s very highly regarded motion picture library.”
Disney agreed to distribute Miramax films that have already been completed under its ownership.
Complications still persist, however, as The Weinstein Co. still owns the rights to a handful of coveted films that reside under the Miramax label. Filmyard Holdings would need Weinstein’s approval before any sequels or remakes of these films could be made.
Quick Opinion: It’s still not a given that Filmyard will be able to pay the entire asking price for Miramax, but even if it did there hasn’t been much consideration for how well the company is going to be able to finance films in the near future. The Weinsteins had a strained relationship with Disney largely due to financing restrictions. It will be interesting to see how strongly Filmyard will be pinching their pennies, though at least they don’t have to worry about funding any smaller branches of Miramax, as The Weinstein Co. took Dimension Films with them in their 2005 exit agreement. The selling of Miramax might be in the books, but its future is still very much uncertain.