The Walt Disney Company has sold Miramax Films to Filmyard Holdings, a company in which Colony Capital is a partner, for over USD660m subject to certain adjustments.
Partners in Filmyard include Los Angeles businessmen Ron Tutor and Tom Barrack, Colony Capital and other individuals.
The transaction is subject to certain regulatory approvals and is expected to close between 10 September 2010 and the end of the calendar year.
The sale of Miramax Films includes rights in over 700 film titles, including Academy Award winners like Chicago, Shakespeare in Love and No Country for Old Men. Also included are non-film assets, such as certain books, development projects and the Miramax name.
"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," says Robert A. Iger, Disney’s president and chief executive. "We are delighted that we have found a home for the Miramax brand and Miramax’s very highly regarded motion picture library."
"I am delighted and honoured to acquire the Miramax library," adds 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."
