Disney Seeks Buyer For MIRAMAX

Just days after it shut down its art-house production label Miramax, Disney is seeking a buyer for Miramax’s name and movie library. Disney has revealed that the company is hoping to divest itself entirely from its Miramax film unit. According to WSJ, selling off the remainder of Miramax could bring in $700m for the corporation. Possible buyers include Twilight’s studio Summit Entertainment, private equity groups and at least one other independent studio.

Included in the sale would be the Miramax name and its 700-film library, which contains such titles as Clerks, Pulp Fiction, Shakespeare in Love and Good Will Hunting. Analysts estimate that the Miramax library brings in more than $300m in DVD and television revenue annually, but Disney has never disclosed that figure.

Harvey and Bob Weinstein are said to be considering the purchase of Miramax, according to the Los Angeles Times.

Harvey Weinstein said,

“I’m sad that it’s closing, As people approach me, I’m considering all my options.”

The independent movie maker was acquired by Disney in 1993 for 70 million dollars and The Weinstein brothers broke ties with the parent company completely in 2005. Ever since, film revenue for Miramax has gone into decline.

Jason Moore
Written by Jason Moore

is a member of the Academy of Science Fiction, Fantasy and Horror Films and the Founder/Editor In Chief of SciFi Mafia®