Disney decides to sell Miramax
Entertainment, Headlines Saturday, July 31st, 2010Disney has finally decided that it would part its association with Miramax. After much speculation, Disney sold off Miramax for $660 million. Analysts have figured out that Miramax off beat movies did not comply with the expectation of Disney owners.
It was the end of a long partnership. It all started when Disney took Miramax under its fold in the year 1993, and it all went smooth for many years.
The association of Disney with Miramax yielded more than 700 films, which speaks of a fruitful relationship between the two.
The decision by Disney to sell off Miramax was mainly attributed to Miramax’s inability to churn out commercial hits. Though, the studio has made some of the best art films, but Disney felt otherwise, and the firm finally sold off Miramax to investment firm Colony Capital LLC and construction Tycoon, Ron Tutor.
Though, there were few prominent personalities who were gunning to buy Miramax. One of the potential buyers who was shown the door was Weinstein Brothers, the one who founded Miramax studio.
According to a statement released by the new buyers, the firm would put more emphasis on the library section of Miramax, and there won’t be any production projects in the near future.
The sale of Miramax by Disney had resulted in a negative trend in the share prices of Disney. The shares fell down slightly as the news broke out that Disney had gone forward with the deal.
It is expected that the amount received by Disney would be put to channelize growth in Disney’s other projects.
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Posted by Kevin Huffman
on Jul 31 2010. Filed under Entertainment, Headlines.
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