Disney sells Miramax for $660 million to Filmyard Holdings

July 31st, 2010 - 1:48 am ICT by BNO News  

BURBANK, CALIFORNIA (BNO NEWS) – Miramax Films was sold on Thursday for $660 million to Filmyard Holdings LLC, which partners include Los Angeles businessman Ron Tutor, Tom Barrack, Colony Capital LLC and others, the Walt Disney Company announced on Friday.

“Although we are very proud of Miramax’s many accomplishments, our current strategy for Walt Disney Studios is to focus on the development of great motion pictures under the Disney, Pixar and Marvel brands,” said Robert Iger, Disney’s President and CEO.

The sale is subjected to certain adjustments and some regulatory approvals but it is expected to close between September 10 and the end of the year. The sale includes rights in over 700 film titles like Chicago, Shakespeare in Love and Pulp Fiction. It also included books, development projects and the copyright name.

“We are delighted that we have found a home for the Miramax brand and Miramax’s very highly regarded motion picture library,” Iger added.

“I am delighted and honored to acquire the Miramax library. 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,” said Ron Tutor.

Disney first put Miramax up for sale in January as it had decided to exit the independent film industry. Tutor entered exclusive negotiations with Disney for Miramax in June, as he had previously made a bid in April.

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