Home » Middle East Private Equity »


|| Middle East investor group and a consortium acquired Miramax for $650 million

Disney-Miramax.jpgAn unidentified Middle East investor group and Ron Tutor, a construction executive, along with Colony Capital reached an agreement with Disney to acquire Miramax Films and its 611-film library for about $650 million - The Los Angeles Times is reporting.

In addition to distributing the library, which includes films such as "Pulp Fiction" and "Shakespeare in Love," the new Miramax is expected to produce several new movies annually. For the first year, Walt Disney Studios will distribute its movies until a new distribution operation has been formed. The buyers are expected to hire an experienced movie executive to handle day-to-day operations, including production and distribution - according to The Los Angeles Times.

To see a list of Middle East investment firms check our Middle East Investors Directory

More details from The Los Angeles Times follows

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, according to people close to the situation.

Tutor and a group of investors, including Colony Capital, will invest $300 million 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.

In addition to distributing the library, which includes films such as "Pulp Fiction" and "Shakespeare in Love," the new Miramax is expected to produce several new movies annually. For the first year, Walt Disney Studios will distribute its movies until a new distribution operation has been formed.

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

Troubled film financier David Bergstein, who has been advising the Tutor group, will not work for the new Miramax, said a person familiar with the matter.

If all goes smoothly, the deal is expected to close by July 28.

Disney first put Miramax up for sale in January, as it decided to exit the independent film business. It came very close to selling the specialty film label to supermarket magnate Ron Burkle, who was working with Miramax founders Bob and Harvey Weinstein, for $625 million, but that deal fell apart in May. In June, Tutor entered exclusive negotiations with Disney for Miramax. He had previously made a bid in April.

A Disney spokeswoman could not immediately be reached for comment.



Previous Post: Bahrain-based Investcorp acquired US Legal Services Firm
Next Post: UK-based property investment fund sets up base in Dubai



|| About Us

Established in 2007, DubaiBeat.com provides insight, analysis and research on Middle East investors.

We cover different asset class investors like private equity, venture capital, hedge funds and real estate investors from the Middle East and broader MENA region.


|| Subscribe












Copyright 2007-2016 DubaiBeat.com    Sitemap  |  Terms  |  Privacy Policy

Follow us: RSS Feed   Facebook    Twitter