Disney Sells Miramax for $660 Million

BURBANK: The Walt Disney Company has confirmed the sale of Miramax Films, which has a movie library that includes hits such as Chicago and No Country for Old Men, to Filmyard Holdings for more than $660 million.

Partners in Filmyard include Ron Tutor, Tom Barrack and Colony Capital. The sale includes the rights to the Miramax film library, which house 700-plus titles, as well as non-film assets like books, development projects and the Miramax name. The deal is expected to close between September 10 and the year’s end.

"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 A. Iger, Disney’s president and CEO. “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 honored to acquire the Miramax library,” commented Ron 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.”