Disney sells Miramax for $660 million

By CNNMoney.com staffJuly 30, 2010: 5:46 AM ET

LONDON (CNNMoney.com) — The Walt Disney Company said Friday it has agreed to sell Miramax Films for around $660 million to an investor group.

The indie film label is being bought by Filmyard Holdings, which is backed by construction mogul Ron Tutor and Colony Capital, the private equity firm headed by Tom Barrack.

The deal includes the rights to Miramax’s library of more than 700 film titles, as well as some books, projects and the the Miramax brand.

Started by brothers Harvey and Bob Weinstein, the arthouse label’s movies include Oscar winners “Shakespeare in Love,” “Chicago” and “No Country for Old Men.”

“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 (DIS, Fortune 500) CEO Robert Iger said in a prepared statement.

The sale of Miramax is expected to be completed by the end of the year, Disney said. 

source : rss.cnn.com

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