Miramax Seeking Buyer
The company, which boasts a library of 700 films from 'Shakespeare in Love' to 'Pulp Fiction,' is exploring a sale.
Miramax’s board of directors has begun exploring a sale of the company, whose library contains such Oscar winners as Shakespeare in Love, Chicago, Pulp Fiction and Good Will Hunting.
According to a report in Bloomberg, the company, owned by Colony Capital and Qatar Holding, is interviewing banks in hopes of finding a buyer willing to put up as much as $1 billion.
Founded by Bob and Harvey Weinstein in 1979 — and named after their parents, Miriam and Max — Miramax consists of a library of more than 700 films, which collectively have earned 282 Academy Award nominations and 68 Oscars and could be of interest to another media company in the market for content. Miramax, headed by Colony Capital’s Tom Barrack, also has recently begun to get back into the production business. It produced The Wedding Ringer, starring Kevin Hart, which was released earlier this year through Sony’s Screen Gems label, as well as Mr. Holmes, starring Ian McKellen as an aging Sherlock Holmes, which opened in 363 theaters Friday via Roadside Attractions.
The Weinsteins sold Miramax to Disney for $60 million in 1993 and ran the company through 2005, when they exited before going on to found The Weinstein Co. After scaling back Miramax, Disney sold the company for $660 million in 2010 to an investor group that included Colony, Qatar and Ron Tutor (who subsequently sold his stake to Qatar).
Reps for both Miramax and Colony declined to comment.