After several months of deliberation, Disney has finally sold off Miramax and its catalog of films to Filmyard Holdings LLC, which is owned by construction magnate Ronald Tutor. The sale went down late Thursday for an estimated $660 million.
Disney, who acquired Marvel Studios last year, seems to be switching their attention to movies that will get huge returns at the box office.
According to Deadline, CEO Robert Iger stated, "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."
For those worried about future releases of past Miramax films, Tutor offered some reassurance: "On behalf of my partners Tom Barrack and Colony Capital, we look forward to sharing this high quality content with the world in every form of media for many years to come."
Miramax was founded by Bob and Harvey Weinstein and acquired by Disney in 1993, who began reducing staff late last year. The production house has turned out some of the most acclaimed films of the last 20 years, including Pulp Fiction, Clerks, Trainspotting, Good Will Hunting and Shakespeare in Love. But as Kevin Smith joked in Jay and Silent Bob Strike Back, "Once they made She's All That it all went to hell."
http://movies.ign.com/articles/110/1109638p1.html
Disney, who acquired Marvel Studios last year, seems to be switching their attention to movies that will get huge returns at the box office.
According to Deadline, CEO Robert Iger stated, "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."
For those worried about future releases of past Miramax films, Tutor offered some reassurance: "On behalf of my partners Tom Barrack and Colony Capital, we look forward to sharing this high quality content with the world in every form of media for many years to come."
Miramax was founded by Bob and Harvey Weinstein and acquired by Disney in 1993, who began reducing staff late last year. The production house has turned out some of the most acclaimed films of the last 20 years, including Pulp Fiction, Clerks, Trainspotting, Good Will Hunting and Shakespeare in Love. But as Kevin Smith joked in Jay and Silent Bob Strike Back, "Once they made She's All That it all went to hell."
http://movies.ign.com/articles/110/1109638p1.html