Disney inching closer to selling Miramax
A deal is in the works for Disney to sell Miramax Films, along with its 611-picture library, for about $650 million, according to the Hollywood Reporter. The buyers are a group led by construction executive Ronald Tutor and Colony Capital, a private investment firm. Right now, Tutor and Colony have committed to investing $300 million in equity, with additional funds coming from minority partners. But about $200 million still has to be raised in the form of debt, which may be difficult because banks are balking at the valuation of the company, especially without the cooperation of its founders Bob and Harvey Weinstein. Disney has been trying to unload Miramax since January.