Disney Sells Miramax For $660 Million

Disney has sold Miramax, but not to Bob and Harvey Weinstein as many had hoped. Instead, a group of investors led by construction executive Ronald N. Tutor and CEO of Colony Capital Thomas J. Barrack Jr. have bought Miramax through a company called Filmyard Holdings.

Disney was thought to have killed Miramax off in January, making it a sub-division of Walt Disney Studios. In fact, Disney began looking for a buyer for the art house studio, and the Weinsteins were in the hunt.

The Weinsteins founded Miramax in 1979 and turned it into a highly-successful studio before selling up to Disney for $80 million in 1993. The brothers moved on to form The Weinstein Company, but still held a place for Miramax in their hearts.

The Weinsteins didn’t feel the $600 million plus Disney wanted for Miramax was a fair price, but someone else clearly did. I guess we now need to wait and see what the future holds for Miramax in the hands of its new owners.