The Walt Disney Company will sell Miramax Films to FilmYard Holdings LLC for $660 million after putting the company up for sale earlier this year .
FilmYard is a privately owned, jointly run company by Tom Barrack and Ronald Tutor. Barrack is chairman and founder of Capital Colony and Tutor is the CEO of Tutor Perini Corp.
Miramax Films is home to more than 700 movies including "Pulp Fiction," "Scary Movie," "Clerks" and "No Country for Old Men." The film company has three Oscar-winning films to its credit.
Miramax was originally founded by Bob and Harvey Weinstein who named the company after their parents (Miriam and Max) in 1979. In 1993 the Weinsteins sold Miramax to Disney, but remained on as the company's co-CEOs until 2004. The Weinstein brothers have since created The Weinstein Company, which has produced critically acclaimed films, such as "Nine" and "A Single Man."
The New York Times reports the Weinstein brothers made an offer to buy back Miramax, but placed the value of the company that bears their parents names at no more than $600 million. Ron Burkle, an investor and supermarket magnate who had been allied with the Weinsteins in their bid, may have been attracted by the glamour factor, but the Burkle-Weinstein group was not prepared to pay more than about $600 million.
Miramax has fallen on hard times under Disney's stewardship cutting film production to just three movies per year. In October 2009 Daniel Battsek resigned his position as president of Miramax, staff was cut by 70 percent and the company's New York and Los Angeles branches were shut down.
Disney spokesperson and CEO Robert Igler reacted to the sale of Miramax to The Guradian.
"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," said Igler. "We are delighted that we have found a home for the Miramax brand and Miramax's very highly regarded motion picture library."