Disney sells Miramax

[Tom Morrow]

Bergstein bares down closer to Miramax purchase

Bergstein Nears Miramax Purchase from Disney The Wrap David Bergstein and his backer Ronald Tutor are closing in on a deal to buy Miramax this week, TheWrap has learned. A deal could be finalized as soon as this Thursday, according to one knowledgeable individual. If the deal does close, it will be the end of a six month effort by The Walt Disney Company to sell the prestigious arthouse division with a 700-film library, but which had shrunk to a shadow of its glory days. Individuals familiar with Bergstein's thinking say he would run the studio on behalf of the buyers, with the intention of building a robust distribution company. by Sharon Waxman complete article

Submitted by Ezra

[Tom Morrow]

Disney sells Miramax for $675 million

Disney sells Miramax for $675 million MarketWatch Burbank, Calif.-based Disney agreed to sell the virtually defunct studio to Los Angeles billionaire Ronald Tutor and his partners, Morgan Creek studios, financial house Colony Capital and Hollywood mogul David Bergstein. Disney officials would not comment on the report. The sale of Miramax is expected to come as a blow to Harvey and Bob Weinstein, who founded the studio and hoped to retain the 700-film library they compiled over the quarter-century that they ran Miramax. by Russ Britt complete article

Submitted by Ezra

[Tom Morrow]

Tutor buys Miramax witout Bergstein

Ronald Tutor: No Miramax for Bergstein Hollywood Reporter Ronald Tutor has committed to personally investing about $200 million in partnership with Colony Capital and others to purchase Miramax Films from Disney for more than $650 million. In an exclusive interview with THR, Tutor unleashed a bombshell: There will be no role in the new theatrical distribution company for the controversial David Bergstein, with whom Tutor has been investing in movies and movie companies for the past seven years. Tutor did not mince words about his former partner, making clear that the relationship with Bergstein is "strained" while expressing pity for his former friend and his failings. by Alex Ben Block complete article

Submitted by Ezra

[Ezra]

This opinion piece at Cinematical puts the news in perspective:

Making Sense Out of the Miramax Mess

[Tom Morrow]

Disney Seeks $40 Million in Advance on Miramax New York Times investment group that includes the construction executive Ronald N. Tutor must make a nonrefundable $40 million payment toward the purchase of Miramax Films from the Walt Disney Company by Wednesday to move forward with a deal, according to people briefed on the sale. Should the deadline pass with no action, Disney could take Miramax off the market or throw open the bidding again to other suitors. Word of the deadline is the latest wrinkle in a months-long effort to reach a deal for Miramax. Asked about the deposit, Mr. Tutor said: “You’ll know by Wednesday.” On Monday, the Burkle-Weinstein group appeared poised to re-enter the bidding if the Tutor effort failed, according to people who were briefed on that bid, although Disney may chose not to restart talks with the group. A Disney spokeswoman declined to comment, as did a spokesman for the Weinsteins. Although some in Hollywood have started to see Disney’s inability to close a deal as an embarrassment, the asset is a small one that wouldn’t have a material impact on Disney’s bottom line one way (a sale) or another (Disney yanks it off the market). As talks with various potential buyers have dragged on, Disney has continued with plans to release the handful of Miramax movies still on the shelf. These films include Julie Taymor’s Tempest, now set for a December release, and The Switch, a Jennifer Aniston comedy that arrives in theaters on Aug. 20. by Michael Cieply and Brooks Barnes complete article

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Hope Rises For Weinsteins In Miramax Sale
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Submitted by Ezra

[Tom Morrow]

Miramax sale officially announced

Disney to sell Miramax to Filmyard for $660 Million Bloomberg BusinessWeek Walt Disney Co. agreed to sell Miramax to investors including Ronald Tutor and private equity firm Colony Capital LLC for more than $660 million, ending a six-month search to find a buyer for the art-house moviemaker. The sale to Filmyard Holding LLC, backed by partners including construction executive Tutor and Colony, is expected to be completed by the end of the year, Burbank, California- based Disney said in a July 30th statement. Disney, the world’s largest media company, began winding down Miramax, founded by brothers Harvey and Bob Weinstein, last October. by Ronald Grover and Andy Fixmer complete article

Submitted by Ezra

[Tom Morrow]

Miramax sale includes most new films

Miramax sale includes 'Gnomeo,' 'The Switch' Hollywood Reporter The animated movie Gnomeo & Juliet and three other completed pictures are included in Disney's sale of Miramax Films. The first pics from the new Miramax will be: Gnomeo & Juliet, set for a wide release Feb. 11: There was a question about whether this family film about warring indoor and outdoor gnomes would be included because Disney was so high on it. Now in postproduction, it was produced by London-based Rocket Pictures, run by Elton John, Steve Hamilton Shaw and David Furnish, who was the executive most involved. It was financed by Miramax and made under contract at the Starz Animation studio in Toronto. The voice cast includes James McAvoy (as Gnomeo), Emily Blunt (as Juliet), Michael Caine, Maggie Smith and Patrick Stewart. The Switch (wide release Aug. 20): Known during production as "The Turkey Baster," this stars Jennifer Aniston as an unmarried 40-year-old woman who uses a turkey baster to be artificially inseminated and becomes pregnant. Seven years later, she discovers that her best friend replaced the sperm she had specially chosen with his own. It also stars Jason Bateman, Juliette Lewis and Jeff Goldblum. The Debt (opens Dec. 29 on more than 1,000 screens before expanding): Helen Mirren stars in this drama directed by John Madden about an Israeli agent who is killed on a secret mission to find a doctor who is a Nazi war criminal. The doctor resurfaces 30 years later. The cast includes Sam Worthington, Tom Wilkinson and Jessica Chastain. Don't Be Afraid of the Dark (wide release Jan. 21): The subject of a panel discussion at Comic-Con, the horror film is produced by Guillermo del Toro and stars Katie Holmes and Guy Pearce. The Tempest, directed by Julie Taymor and originally made for Miramax, is being kept by Disney. It will screen at the Venice and New York film festivals before getting a Dec. 10 platform release. by Alex Ben Block complete article

Submitted by Ezra

[Tom Morrow]

Who'll work with the new Miramax?

Who'll work with the new Miramax? Agents say they will, cautiously Hollywood Reporter Hollywood has a long history of lining up deep-pocketed outside investors who want to be in show business and then taking them to the cleaners. But with construction magnate Ron Tutor to buy Miramax, the industry isn't so sure it can expect business as usual. Tutor, chairman of construction giant Tutor-Perini, certainly qualifies as a Hollywood outsider. To the degree that he is known, it's for his movie-related partnership with David Bergstein, the financier who has left a trail of unpaid bills in his wake and is engulfed in litigation, with all the major guilds pitted against him. Although Tutor has said that Bergstein won't be involved with Miramax, key players in the industry remain skeptical and distrustful. As one talent representative who has tangled with Bergstein put it, "It's crazy to assume that it's a new day." "The lure of independent money is pretty sexy," said a talent rep with clients who were caught up in disputes with Bergstein. Tutor's wealth is real. And in these tight times, a leading agent acknowledged, "We don't have the luxury of not doing business with people who have real money." In these troubled times, he added, agents might be tempted to put clients in questionable projects generally, even if they have doubts about how they will be treated. "It's not just because (they want) money," he said. "They need to keep clients who will be doing this work off their phone sheets." by Kim Masters complete article

Submitted by Ezra

[Tom Morrow]

Miramax films delayed

Lagging Miramax Deal Delays Two Films Deadline Hollywood I'm told that Miramax transaction between owner Disney and soon-to-be new owners, construction magnate Ron Tutor and Tom Barrack's Santa Monica-based Colony Capital (led by former Disney CFO Richard Nanula), won't be finalized until the end of the year or soon after because of "strictly logistical reasons". ("Standard practice in a deal of this magnitude," one insider tells me.) As a result, it has impacted two movies: The Debt, which was supposed to be released on December 29th, and Guillermo del Toro's Don’t Be Afraid Of The Dark, expected the end of January. Now both pics are postponed until parent company Filmyard, which is what Tutor and Barrack are calling their new film company umbrella over Miramax, takes over. No new dates have been set. by Nikki Finke .

Submitted by Ezra

[Ezra]

Years later, this deal is still a mess.

David Bergstein sues, demanding millions of dollars from Miramax sale Hollywood Reporter

Disney's no longer involved, so this is kind of off topic at this point; but it's still a big ol' mess.

(Not surprised. Bergstein was already a shady character. Ron Tudor had to assure everyone that Bergstein wouldn't be actively involved in Miramax. Well, this is why.)