Miramax isn’t dead after all. In fact, it could soon be back in the hands of its founders, Bob and Harvey Weinstein. But they’ll have to pay up to $700 million to secure the company they sold to Disney for $80 million in 1993.
The Weinsteins founded Miramax in 1979 and built a reputation based on bringing independent filmmakers through to the mainstream. Quentin Tarantino and Kevin Smith are probably the two biggest names to be nurtured by the company in this way.
In 1993, the Weinsteins sold Miramax to Disney for $80 million, but continued to run the company until 2005. The Weinstein Company was then formed, and Miramax’s days seemed to be numbered.
In January of this year, Disney pretty much killed Miramax off by laying most of its staff off and shutting its main offices. But Disney has been looking for a buyer ever since, and it looks like the Weinsteins could fit the bill.
According to The Hollywood Reporter, Bob and Harvey have put together a winning bid of around $600 million, backed by several investors, including billionaire financier Ron Burkle. However, no official deal has yet been announced, and for now Disney is still saying, “No deal has been reached.”
More on this as it develops.
