Miramax is sold by Disney for $660 million
Image courtesy of fusedfilm.com
It was announced today that the Walt Disney Company has agreed to sell Miramax Films to a group of investors for approximately $660 million. This deal will terminate the 17-year association between the companies as well as a bidding process that lagged on for 6 months.
Miramax, boasts 700 titles that include Oscar winning films such as “Good Will Hunting,” “My Left Foot,” and “Pulp Fiction.” However, Disney wished to end the association with Miramax as a result of an overhaul to the studio. They felt that it did not fit in with its family-geared units such as, Pixar and Marvel.
“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 president and CEO, Robert Iger said in a statement. “We are delighted that we have found a home for the Miramax brand and Miramax’s very highly regarded motion picture library.”
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