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Back to Global News listDeal to ditch Miramax
Walt Disney has struck an agreement to sell Miramax, the studio behind such films as ‘Pulp Fiction’ (pictured) and ‘Chicago’ for more than $660 million to a group including construction magnate Ron Tutor and investment firm Colony Capital.
The deal marks the culmination of a drawn-out sale that attracted star-studded bidders, including the Weinstein brothers, who founded the studio.
The new owners will focus on maximising the value of Miramax’s library, a source familiar with the deal said. No production operations exist at this time and there are no current production plans, the source added.
The sale underscores Disney’s plans to focus its film resources on bigger film properties such as ‘Pirates of the Caribbean’ and exploit them across various platforms.
With its family-friendly focus, Disney viewed Miramax’s edgy mix of films as a poor fit.
“Although we are very proud of Miramax’s many accomplishments, our current strategy for Walt Disney Studios is to focus on the development of great motion pictures under the Disney, Pixar and Marvel brands,” Disney chief executive Officer Robert Iger said.
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