Walt Disney Co. has finally sold its Miramax film division to Filmyard Holdings LLC for more than $660 million thus ending the month long talks with various bidders.
The Miramax production 2007 movie No Country for Old Men earned Academy awards in 2008. The private equity investors of Filmyard Holdings include investment firm Colony Capital and construction magnate Ron Tutor.
Since last few months, Disney has been involved in negotiation with many potential buyers. Miramax has also made movies like Shakespeare in Love and Pulp Fiction.
Robert Iger, the chief executive of Disney said, “We feel proud to acknowledge many accomplishments of Miramax but now the Walt Disney Studios" strategy is the expansion of great motion pictures under the Pixar, Disney and Marvel brands".
Disney said, “This sale of Miramax will carry the rights of more than 700 movie titles, which include Oscar winning Chicago, No Country for Old Men, and Shakespeare in Love".
Disney bought Miramax for $80 million. According to Disney the sale of Miramax is likely to close between September 10 and year end.