After months of delays, the deal is done: An investment group called Filmyard Holdings is the proud new owner of the storied Miramax Films. The sale was announced back in June, but concerns about bank financing pushed the closing date back until now.
The Walt Disney Co. has reached an agreement to sell storied arthouse-film company Miramax to a consortium of private investors for $660 million. The deal follows years of speculation over Miramax's fate after the 2005 departure of founders Bob and Harvey Weinstein.
Walt Disney is calling on its Miramax suitor to pay up a nonrefundable $40 million deposit towards its purchase of the movie studio. A consortium of buyers led by California construction mogul Ron Tutor is currently conducting due diligence on the $675 million deal.
Just when the saga of Disney's attempt to sell financially troubled production company Miramax seemed to be settled, a new twist has added an unlikely suitor to the mix: actor Rob Lowe.