Miramax film studios, responsible for great films such as Pulp Fiction, No Country For Old Men and The Queen to name just a few, is to be sold by it's owners, The Disney Corp, in a deal thought to be worth $660m (£422m) to Filmyard Holdings which is a private equity firm.
Mirimax was originally set up in 1979 by the Weinstein Brothers who named the company after their parents, Miriam and Max, had tried to buy back the company after selling in 1993 but they were beaten by the PE firm after the Weinstein Brothers' financial partner and supermarket magnate Ron Markle refused to back a bid over $600m.
Disney's Chief Executive said "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". This of course comes following a fraught relationship between the Weinsteins and Disney that came to a head when the then Disney chief Michael Eisner would not back the distribution of Michael Moores Fahrenheit 9/11.
The deal will also include Miramax's back catalogue of over 700 films that you can see by clicking the link Miramax Films.
