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MGM, Miramax and Overture say goodbye in distributor upheaval
Company and distributor turnover is nothing new in Hollywood, but 2010 was a year of dramatic and almost shocking change. Relativity Media, previously just a film financing company, acquired Overture Films from Starz mostly in order to pick off its hard working studio operations staff and decided to release its own movies. Disney spent almost half a year trying to find an adequate bidder for Miramax and thought it had sold it to original founders Harvey and Bob Weinstein only to have the deal fall through. A relatively unknown company (at least to the entertainment industry), Colony Capital took control and has appears to have no plans of returning the once prestige powerhouse to its former days of glory. After an impressive run Apparition fell apart in less than a year. Worse off, the long and winding road of MGM took another disastrous turn just when the company finally had some talent people in the mix. The once mighty lion will now become nothing more than a suped up production company, if that. And to anyone who cares about diversity in the movie industry it was a sad year indeed.
- Gregory Ellwood