On Friday we reported that Disney has shut down the offices of Miramax and laid off the staff, closing the company that had spearheaded the mainstreaming of indie film in the early 90s. However it may not be the end for Miramax, as the NY Times is reporting that Disney is now seeking a buyer, who wouldn’t just take the name but also its entire back catalogue of 700 films.
As those movies include the likes of Pulp Fiction and Shakespeare In Love and have over 200 Oscar nominations between them, there’s said to be a fair amount of interest in Hollywood in buying them.
And the pricetag for Miramax? $700 million!
That may sound a lot, but it’s only a few years ago that Disney tried to sell Miramax to the Weinstein Brothers for an astronomical $1.4 billion. However in the current economic climate the price has shrunk drastically (although it’s still slightly higher than when Disney offered Miramax for sale last year, before changing their mind and taking it off the market). Whatever the pricetag, there’s certainly the feeling that Disney is trying to offload Miramax and its movies quickly, so that it can concentrate on its new toys, such as Pixar, Marvel and a distribution deal with the revamped Dreamworks.
Potential buyer are said to include Summit Entertainment, the company behind Twilight, although there’s no word on whether the Weinsteins are still interested. Although Harvey and Bob would probably love to have the name and movies back, they’re said to have financial problems of their own, and so probably aren’t in the market.
$700 million doesn’t actually seem too bad a price, as with other films in the library including Chicago, Kill Bill, The English Patient and the US rights to No Country For Old Men, the 700 films are said to bring in around $300 million a year in revenue, so it should take too long to recoup the investment.
Disney is said to want to find a buyer soon, so expect Miramax’s movies to find a new home in the next couple of months.