Disney Shopping Miramax Remains?
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Feb 1 2010, 7:02 AM
The Walt Disney Company has been quietly shopping what remains of its Miramax film unit and has secured seven to 10 interested bidders, according to a mergers and acquisitions expert with knowledge of the process.
The initial discussions indicate a price of over $700 million for the Miramax name and its 700-film library, which is essentially all that remains of the once-mighty art house label, according to the person involved who declined to be identified because the negotiations are confidential.
Harvey Weinstein and Bob Weinstein, who founded Miramax in 1979, are not among the bidders – so far. The Weinstein brothers sold Miramax to Disney in 1993 but ran it until 2005, when they left to found the Weinstein Company.
via mediadecoder.blogs.nytimes.com
One confirmed potential buyer is the cash rich home of TWILIGHT, Summit Entertainment, which continues to sniff around other film libraries for acquisition.
Analysts speculate that the Miramax library currently generates about $300 million per year. While other potential bidders are unknown, a source has told the New York Times that a sale could come within a few months.
The Miramax library includes titles such as PULP FICTION, THE ENGLISH PATIENT, SHAKESPEARE IN LOVE and NO COUNTRY FOR OLD MEN, among many others.
The Walt Disney Company has been quietly shopping what remains of its Miramax film unit and has secured seven to 10 interested bidders, according to a mergers and acquisitions expert with knowledge of the process.
The initial discussions indicate a price of over $700 million for the Miramax name and its 700-film library, which is essentially all that remains of the once-mighty art house label, according to the person involved who declined to be identified because the negotiations are confidential.
Harvey Weinstein and Bob Weinstein, who founded Miramax in 1979, are not among the bidders – so far. The Weinstein brothers sold Miramax to Disney in 1993 but ran it until 2005, when they left to found the Weinstein Company.
via mediadecoder.blogs.nytimes.com
One confirmed potential buyer is the cash rich home of TWILIGHT, Summit Entertainment, which continues to sniff around other film libraries for acquisition.
Analysts speculate that the Miramax library currently generates about $300 million per year. While other potential bidders are unknown, a source has told the New York Times that a sale could come within a few months.
The Miramax library includes titles such as PULP FICTION, THE ENGLISH PATIENT, SHAKESPEARE IN LOVE and NO COUNTRY FOR OLD MEN, among many others.
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