Disney will reportedly sell storied arthouse-film studio Miramax for $660 million to a consortium of private investors, many of whom are big LA real estate players. This brings the curtain down on founders Bob and Harvey Weinstein’s attempts to buy the studio back from Disney.
…Colony Capital, which manages an estimated $30 billion in real-estate holdings, is the majority owner of Michael Jackson’s Neverland Ranch. The investment firm also helped bail out photographer Annie Liebovitz by financing a deal to buy her back catalog.A Failed Bid to Regain Miramax
Last October, Disney said it would cut Miramax’s staff by 80 employees. Earlier this year, Disney closed the studio’s offices in New York and Los Angeles.
The deal is blow to the Weinstein brothers, who had hoped to somehow regain control of the studio — or at least the library, which includes some of the most well-received films of the last two decades. Under the brothers, Miramax earned more than 200 Academy Award nominations and won Best Picture four times.
“If there’s ever an opportunity to make a deal to buy it back, we would certainly take it, and there isn’t much in the world that would make our 83-year-old mother happier,” Harvey Weinstein told Bloomberg earlier this year. The company is named after the brothers’…
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Disney Sells Miramax for $660 Million to Private Investors
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