Here’s another story about a struggling film studio in the midst of being sold and no we’re not talking about MGM. We’re referring to Miramax, a company that can actually see the light at the end of the tunnel. After months of talks and speculation Disney has finally decided to sell the studio to a buyer. According to MSNBC, Filmyard Holdings LLC are the new owners and all it cost them was a little over $660 million, chump change.
Miramax has a hefty catalogue of film titles, which will now be in the holding group’s possession such as Chicago, and Shakespeare in Love, two Best Picture Oscar winners (isn’t that ironic?) Even though the studio has brought Disney critical and commercial success the House of Mouse wants to concentrate on other things like their branded films and franchises.
“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,” Disney Chief Executive Officer Robert Iger said in a statement.
Construction magnate Ron Tutor, investment firm Colony Capital LLC and other individuals are partners of Filmyard Holdings, which may or may not also include Rob Lowe. A couple of weeks ago there was speculation that the actor along with Tutor and Tom Barrack were planning on purchasing the studio. The official press release for the sale didn’t mention his name or any of the minor holders involved with the deal. But that doesn’t mean he isn’t in on this and if he is, good job Soda pop!
The deal is expected to be finalized between September 10th and the end of the year.
What do you think of Disney’s decision to sell Miramax? Do you think Lowe is in on this deal?