It's official: Miramax no longer in Disney hands
Be afraid independent Hollywood producers and filmmakers. Miramax is now in Tutor's hands. The Walt Disney Company announced late tonight that Filmyard Holdings LLC has acquired the prestigious library for approximately $660 million.
Filmyard includes a group of investors including LA businessmen Ron Tutor, Tom Barrack and Colony Capital LLC among others. According to a release from Disney, the transaction is subject to certain regulatory approvals and is expected to close between September 10, 2010 and the end of the calendar year.
Disney President and CEO Robert Iger seemed thrilled about what can only be described as a shortsighted decision to release a library including "Kill Bill," "Shakespeare in Love" and "The English Patient."
"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," Iger says. "We are delighted that we have found a home for the Miramax brand and Miramax's very highly regarded motion picture library."
Tutor, who has been close business partners with disgraced film producer David Bergstein, is a real estate magnet with little knowledge of the movie industry and has admitted he is only interested in funding or acquiring the bare minimum of new releases to keep the current library viable. Publicly, however, Tutor noted, “I am delighted and honored to acquire the Miramax library. 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.”
And no, he's not looking forward to working with filmmakers in creating new and commercially viable independent features. Sadly, one only needs to look at MGM's current financial predicament to realize just sitting on a library is the best way to kill a studio's brand and value. Disney should be ashamed for selling to Tutor and his partners when either the Weinsteins or other buyers would have handled the assets more appropriately.
Disney is still expected to market and distribute the upcoming finished Miramax films "The Switch," "The Debt" and Guillermo Del Toro's "Don't Be Afraid of the Dark."
For the latest entertainment commentary and breaking news year round, follow Gregory Ellwood on Twitter @HitFixGregory .
1997 | Crime | RSummary: Quentin Tarantino adaptats an Elmore Leonard novel into this story of a few increasingly desperate people scraping to get by.Director: Quentin Tarantino
Cast: Pam Grier, Samuel L. Jackson, Robert Forster
1993 | Sports | PGSummary: Emotionally powerful sports classic featuring Sean Astin as a skinny high school kid with big football dreams and the determination to make his way towards his dream team at Notre Dame.Director: David Anspaugh
Cast: Sean Astin, Jon Favreau, Ned Beatty
2013 | Drama | RSummary: Leonardo DiCaprio and Jonah Hill have boundless energy in the story of a real-life commodities crook who earned millions through scummy small-time stock trades.Director: Martin Scorsese
Cast: Leonardo DiCaprio, Jonah Hill, Margot Robbie
2008 | Science Fiction | PGSummary: Animated series continues the story of Obi-Wan Kenobi and Anakin Skywalker as they battle the Emperor Palpatine, Count Dooku and General Grievous, but also takes time to explore other smaller characters in the Star Wars universe.Director: George Lucas (creator)
Cast: Tom Kane, Dee Bradley Baker, Matt Lanter
1995 | Mystery | NRSummary: Denzel Washington plays an out of work WWII vet who takes the wrong job and is soon neck-deep in a mess of politics, murder, and jazz in '40s Los Angeles.Director: Carl Franklin
Cast: Denzel Washington, Tom Sizemore, Jennifer Beals
2013 | Comedy | NRSummary: Insanely funny comedy show created by Amy Schumer, who stars in brilliantly funny sketches about sex, city living, dating, and friendship.Director: Daniel Powell, Amy Schumer (creators)
Cast: Amy Schumer, Kevin Kane, Mike Houston
Let Streaming Genie help you.