Report: Disney Clinches Deal to Sell Miramax

LOS ANGELES: The Walt Disney Company has reportedly reached a deal in principle to sell Miramax to construction magnate Ron Tutor and the private-equity firm Colony Capital.

The price for the indie label—which Disney acquired from the Weinstein brothers in 1993 and shuttered early this year—is between $600 million and $700 million in cash. Under the new owners, Miramax is expected to produce several new movies annually, the L.A. Times reports, in addition to distributing the 600-plus-title library. The Times indicates that Richard Nanula, a principal at Colony, will likely oversee Miramax on behalf of the new owners, with a new exec hired to man day-to-day operations.

The agreement is likely to close by the end of the month.

Disney put the label on the auction block early this year.