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

An 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