Disney calls off talks to sell Miramax
May 26th, 2010 - 5:16 am ICT by IANSLos Angeles, May 26 (DPA) Disney has called off talks to sell its indie label Miramax to a consortium that included Harvey and Bob Weinstein, the brothers who founded the Oscar-winning production house, The Wall Street Journal reported Tuesday.
Disney had been negotiating the $625-million sale of the unit with the group for several weeks.
The Weinsteins, who named Miramax after their immigrant Jewish parents, Max and Miriam, had received financial backing from supermarket billionaire Ron Burkle. But according to the report, the financial structure proposed by the buyers was not to Disney’s liking.
Disney has already shuttered most of Miramax’s production capacity and wants to sell the unit as it does not tie in well with the company’s other family-friendly subsidiaries such as Pixar and Marvel. Miramax’s value comes from its ownership of films like Shakespeare in Love and Pulp Fiction.
The end of negotiations with the Weinsteins allows Disney to pursue alternative deals, including an offer from a billionaire investor brothers Tom and Alec Gores.
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- Miramax Films shut down by Disney - Jan 30, 2010
- Moore, Weinsteins settle 'Fahrenheit' suit - Feb 17, 2012
- Disney Ends Alliance With Miramax - Jan 29, 2010
- "Shakespeare In Love" Sequel On The Way - Dec 18, 2010
- Rob Lowe In A Bid To Buy Miramax Films - Jul 08, 2010
- "The King's Speech" leads Oscar nominations - Jan 25, 2011
- Monsters Inc. and Muppets returning - Apr 26, 2010
- 'Shakespeare In Love' to become play - Oct 23, 2011
- Rob Lowe Planning To Buy Miramax? - Jul 08, 2010
- 'Shanghai' lacks U.S. release date - Aug 14, 2009
- Weinstein brothers sued for $50m for 'sabotaging' animated film - Mar 04, 2011
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Tags: alec gores, billionaire, consortium, dpa, financial structure, harvey and bob weinstein, indie label, jewish parents, liking, miramax, miriam, negotiations, pixar, pulp fiction, ron burkle, shakespeare, shakespeare in love, supermarket, wall street journal, weinsteins