The Weinsteins Win Back Miramax for $600 Million - Updated
And we're right back at where we started. THR is reporting that Hollywood powerplayers Bob and Harvey Weinstein have won the auction for the indie distributor Miramax today with a top bid of around $600 million. Where they got that money, I don't know. Miramax was founded in 1979 by the Weinsteins and sold to Disney in 1993. They then started their own company, The Weinstein Company, which still runs today, but has been on the verge of closing down due to a lack of successful films in recent years. In January, it was reported that Miramax would "close its doors" and be auctioned off, including the 611 films in its library.
This is almost kind of funny, just because it's so odd to see the Weinsteins cycle back around to owning the company they started. The same company that shut down this year because they haven't had much success recently either. Why would they be interested in running Miramax again? And where did they get that kind of money? Here's the answer: the Weinsteins have been partnering with a billionaire financier named Ron Burkle who has other investors involved as well. So while it's Burkle and his people who actually own it, it'll be the Weinsteins who run it. The name actually came from the names of their parents Max & Miriam.
THR says that Disney is still "going over the financial details provided by the Weinsteins," so this won't be officially announced for a little while. I'm not really sure what to say to this. I thought the Weinsteins we're slowly fading away, but this means they must be trying to make a hell of a comeback. And what will happen to The Weinstein Company? So many questions, but so few answers. But we'll be sure to keep you updated on all the latest. Do you think Miramax can return to power being run by the Weinsteins again?
Update: Well despite THR's claim that this is pretty much a done deal, Nikki Finke of Deadline Hollywood says otherwise. She says that Disney told her on the record that "no [Miramax] deal done and reports to the contrary are false." Well this just gets more and more interesting. So who should we believe? Is Disney just playing coy because this got out much earlier than they wanted it to? We'll find out soon enough, I'm sure!