Business News
Disney sells Miramax studio for 660 million dollars to US developer
Jul 30, 2010, 11:54 GMT
Burbank, California - The Hollywood studio Miramax will be sold for more than 660 million dollars to a group of investors led by Californian developer Ron Tutor, owner and US entertainment corporation Walt Disney said Friday.
The announcement followed months of haggling over the studio, which has generated blockbusters such as The English Patient, Pulp Fiction and Shakespeare in Love.
'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 Robert Iger said in a statement released Friday.
Tutor joined forces with the private investment firm Colony Capital LLC and other investors to finance the deal.
'I am delighted and honoured to acquire the Miramax library,' Tutor was quoted as saying in the statement.
He had emerged in the last few weeks as the winner of a bidding war over the studio. Disney had previously negotiated with Miramax's founders, the brothers Harvey and Bob Weinstein, but the talks failed over differing opinions about what the studio was worth.
COMMENT
blog comments powered by DisqusLatest Headlines in Business
- 1. US unemployment drops further, but figures disappoint
- 2. Japan stocks down as euro debt outweighs positive US data
- 3. Iraq resumes oil flow after pipeline blast in Turkey
- 4. Spanish bond auction lifts eurozone worries, sinks Japan stocks
- 5. ECB holds rates, rules out early exit from emergency measures
Older Talkback
