Disney agrees to sell Miramax

09:23, July 09, 2010      

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The Walt Disney Co. has reached an agreement in principle to sell Miramax Films and its 611-film library to construction executive Ron Tutor for about 650 million U.S.dollars, sources familiar with the situation said on Thursday.

According to the Los Angeles Times, Tutor and a group of investors, including Colony Capital, will invest 300 million dollars in equity -- with additional financing coming from minority partners including James Robinson, chairman of Morgan Creek Productions, and an unidentified investor group from the Middle East.

Colony principal Richard Nanula, a former chief financial officer at Disney, is expected to oversee the new Miramax on behalf of its new owners. The buyers are expected to hire an experienced movie executive to handle day-to-day operations, including production and distribution, The Times reported.

Morgan Creek would probably handle overseas distribution of the Miramax films.

The deal is expected to close by July 28 if all goes smoothly, The Times said.



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