Disney Finally Officially Sells Miramax to Ron Tutor for $660M
After six months since it was announced that Disney-owned indie distributor Miramax would be shutting down and getting sold off, we finally have an official sale. Miramax Films was sold to Filmyard Holdings LLC today for over $660 million subject to certain adjustments. Partners in Filmyard include Los Angeles businessmen Ron Tutor, Tom Barrack, Colony Capital LLC and other individuals. The sale includes rights in over 700 film titles, including Oscar winners like Chicago, Shakespeare in Love, No Country for Old Men. Also included are non-film assets, such as certain books, development projects and the "Miramax" name.
There was a point where we thought this was going back to the Weinsteins, but that didn't pan out. "I am delighted and honored to acquire the Miramax library," said Ron Tutor. "On behalf of my partners Tom Barrack and Colony Capital, we look forward to sharing this high quality content with the world in every form of media for many years to come." I'm not exactly sure if that means he plans on restarting Miramax, but it sounds like it's a possibility. Tutor was previously mentioned in our post about David Bergstein, but since details are just coming out, we're not sure what their immediate plans are for the indie movie studio.
Not everyone is happy about the sale. Anne Thompson of indieWIRE wrote: "I am sickened and dismayed that Disney CEO Robert Iger was willing to sell Miramax Films to an investor group led by 69-year-old L.A. construction magnate Ron Tutor." Adding, "Tutor, despite any claims to the contrary, is inextricably linked with beleaguered financeer David Bergstein, an irresponsible fly-by-night operator who could wind up in jail." Let's hope they don't screw things up with Miramax, as it seems like there's quite a bit to be concerned about. Disney is currently distributing a few leftover Miramax titles and we'll keep you updated on the rest.
Reader Feedback - 6 Comments
I've heard some scary things about this all day. It seems like whenever this much money is involved in our country nowadays there are many illegal and shady tactics that inevitably come into play.
peloquin on Jul 30, 2010
its no longer a film company that's for sure, I woud have prefered a director or someone connected to the world of film.
Xerxex on Jul 30, 2010
its not a film company anymore i agree with 2@Xerxex, but since this guys a "construction magnate" maybe we'll see Miramax themed apartment blocks, or like a no country for old men country! all jocking aside tho this just feels like sad news, would love to have seen the wiensteins, or anyone involved in the film industry in any way shape or form...
Dandoo on Jul 30, 2010
This is a blow to the film industry and to disney for letting it go through. I don't know everything about what the deal entails, but it's just not good news. What will happen to the greatness that is Miramax; that's not to say it was the best ever indie film company. Did the CEO really look into Tutor's backgrounds and affiliates like this Bergstein guy? My main concern here is not the money, but the films and screenplays that could be left in limbo and never to return to the land of the living.
Eli on Jul 30, 2010
Eli you bring up a good point, there are probably so many potentially great scripts just waiting to go into production, but with these new owners the good scripts will probably be tossed and all the mediocre scripts will be rushed through. or I could be wrong.
Xerxex on Jul 30, 2010
Maybe, just maybe, Bergstein can use some of that indie-release experience from his subsidiary THINKFilm in a positive, influential way... or it could all just go to hell.
DuirMan on Aug 2, 2010
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