Disney signed a definitive agreement to sell Miramax to Filmyard Holding, an investor group led by Los Angeles construction magnate Ron Tutor, for more than $660 million, putting the future of the
company into the hands of a Hollywood outsider. Tutor and Colony Capital will each put up about $100 million of the purchase price, while minority investor Jerome Swartz, a retired engineer and
philanthropist, is expected to contribute an additional $25 million to $50 million in equity. Founders Bob and Harvey Weinstein lost out on their bid when they lowered their price.
Tutor, chairman of Sylmar construction giant Tutor Perini Corp., plans to hire a seasoned movie executive to run Miramax and recruit a staff of as many as 50 employees. Plans call for the company to
produce a few films a year to freshen the 700-movie library, ncludes such titles as "Pulp Fiction" and "Shakespeare in Love," to sustain its value.
advertisement
advertisement
Read the whole story at Los Angeles Times »
