Disney will sell Miramax to an investment company for $660 million

 

The independent film studio best known for its left-of-the margin films from the eighties and early nineties (Sex, Lies and Videtape, The Crying Game) will be sold to an investment company headed by construction tycoon Ron Tutor.

Formerly owned by the Weinstein brothers (of being a Weinstein brother fame), Miramax was sold to Disney in 1993, when it veered away from art-house films and towards more commercial work. The Weinsteins continued to run the studio, but under the order of Disney's CEO Michael Eisner the three encountered some creative differences along the way.

It 2005, the Weinsteins left Miramax completely to start their own production company and left Miramax in Disney's hands completely. ( Disney gave up on it a few years because it wasn't a magic money generator.) Rumors persisted in 2009-2010 that the Weinsteins might try to buy it back, but they'll doubtfully put forward a bid greater than Tutor's $660 million in time.

Via LA Times