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Thursday, January 21, 1999

Disney's Miramax near Hearst pact: WSJ 

 
New York, Jan 20: Walt Disney Co.'s Miramax Films unit is nearing an agreement for Hearst Corp. to distribute and take a partial ownership stake in a planned Miramax magazine called Talk, the Wall Street Journal said on Wednesday.

Talk is the new magazine venture for which Miramax last year recruited former New Yorker editor Tina Brown. The details of the Miramax-Hearst transaction still need tobe worked out, and any potential deal may fall apart. People familiar with the talks, however, told the Journal an agreement could be made within the next few weeks.

News of the talks was reported in Advertising Age on Tuesday. Hearst declined to comment to the paper and Miramax officials were not available.

Disney has been talking to possible partners and distributors for several months, the paper said. Some Miramax officials believe it needs a larger distribution network then is available at Disney's Fairchild Publications unit.

Miramax, which produces low-bu@get independent film, has entered partnershipsoutside of the Disney empire and plans to save costs.

Copyright © 1999 Indian Express Newspapers (Bombay) Ltd.


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