Disney to sell Miramax unit to Tutor, Colony for $660 m

Written by Reuters | Updated: Aug 1 2010, 04:46am hrs
Walt Disney agreed to sell Miramax to investors including Ronald Tutor and private equity firm Colony Capital LLC for more than $660 million, ending a six-month search to find a buyer for the art-house moviemaker.

The sale to Filmyard Holding LLC, backed by partners including construction executive Tutor and Colony, is expected to be completed by the end of the year, Burbank, California-based Disney said on Friday in a statement. Disney, the worlds largest media company, began winding down Miramax, founded by brothers Harvey and Bob Weinstein, last October. The sale fits into a much wider logic with studios reviewing where they can save money by selling some parts of the business or bringing down budgets for film and reviewing and redoing actor deals, said David Hancock, head of the cinema market at researcher Screen Digest in London.

Miramax, with rights to more than 700 titles including Academy Award winners such as Chicago and Shakespeare in Love, was one of several film assets on the block.