The Walt Disney company sells Miramax for $660 mn to Filmyard

The Walt Disney company sells Miramax for $660 mn to Filmyard. Disney agreed to the sale after the construction magnate Ronald N. Tutor and his allies paid a nonrefundable $40 million deposit and presented a financing plan.

The Walt Disney Co ends a 17-year association with the studio and a six-month bidding process. Miramax’s Oscar-laden film library has more than 700 titles, including prestigious films such as “My Left Foot” (1989), “Pulp Fiction” (1994) and “Good Will Hunting” (1997). But Disney had to sell Miramax because it is no longer resonated with its other family centric studio units such as Pixar and Marvel. Disney signed a definitive agreement to sell Miramax to Filmyard Holding, putting the future of the company with a long string of award-winning films into the hands of a Hollywood outsider.

This year Disney shut down Miramax’s operations, closing its offices in New York and Los Angeles and laying off 80 employees. The new owners have an option to renew the arrangement for an additional year. The Miramax sale is expected to close between September 10 and year end, Disney said.