Burbank, Calif. – Disney (NYSE: DIS) announced on Friday that it has
sold its Miramax Films unit to Filmyard Holdings, whose principals include Los
Angeles businessmen Ron Tutor and Tom Barrack, along with Colony Capital, for
over $660 million. The deal includes rights in over 700 films, as well as
certain books, development projects and the "Miramax" name.
Miramax
was founded in 1979 by brothers Bob and Harvey Weinstein, who sold it to Disney
in 1993 for $80 million but continued to run the company.
They would eventually
leave in 2005 and form The Weinstein Co.
Over the years, Miramax produced films
including "My Left Foot," "Pulp Fiction" and "Good
Will Hunting."
"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 Disney president and CEO Robert A. Iger.
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