Latest Tweets!
Box Office
Friday
Jul302010

Disney sells Miramax, but not to Rob Lowe! (outrage)

Not even Rob Lowe's innate charisma and smashing good looks can top the dollar signs in Disney's eyes, it seems. The actor (with partners) was one of many groups bidding to purchase Miramax from Disney since the House of Mouse put the division up for sale some months ago. Miramax Films was sold to Filmyard Holding, an investor group led by Ronald Tutor. 

Harvey and Bob Weinstein founded Miramax in 1979. It was named after their parents, Miriam and Max. Disney purchased the company for $80 million in 1993, and the Weinstein's left  in 2005 to found The Weinstein Company. The Weinsteins were one of the many bidders for the company, which has a library of more than 700 titles including No Country For Old Men, The Queen, Kill Bill, Good Will Hunting, The Cider House Rules, Cold Mountain, Gangs of New York, Clerks, Chasing Amy, Bridgette Jones's Diary, City of God, Finding Neverland, Pulp Fiction, Trainspotting, and Chicago.

The drama may not be over yet. According to the NY Times, the Weinsteins still own the rights to a number of film franchises in the Miramax library.

As much as $150 million of the Miramax unit’s value, according to one person who was briefed on the transaction but asked for anonymity because the talks were private, remains tied to film franchises — including the “Spy Kids” and “Scary Movie” series — in which the Weinstein brothers have rights. It remained unclear how Mr. Tutor’s group planned to deal with the Weinstein presence, given the brothers’ clear chagrin at not having prevailed in the bidding.

For more information on what might happen to Miramax now that a bunch of investors own it, check out this Thompson on Hollywood article. 

UPDATE 8/1/2010: Rob Lowe is involved!

Reader Comments

There are no comments for this journal entry. To create a new comment, use the form below.

PostPost a New Comment

Enter your information below to add a new comment.
Author Email (optional):
Author URL (optional):
Post:
 
Some HTML allowed: <a href="" title=""> <abbr title=""> <acronym title=""> <b> <blockquote cite=""> <code> <em> <i> <strike> <strong>