Miramax Hires Morgan Stanley to Help With Sale
The sale process will commence after Labor Day.
Miramax has hired Morgan Stanley to help find a buyer for the film company, insiders confirm to The Hollywood Reporter.
The company, owned by Colony Capital and Qatar Holding and founded in 1979 by former owners Bob and Harvey Weinstein, intends to start the sale process after Labor Day and is looking for as much as $1 billion. Qatar-based investment bank QInvest will serve as a co-advisor. Bloomberg first reported the news.
Miramax's library of more than 700 films includes such classics as Oscar winners Shakespeare in Love, Chicago, Pulp Fiction and Good Will Hunting.
Headed by Colony Capital’s Tom Barrack, Mirmax 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. Mr. Holmes has done well at the specialty box office this summer, grossing $16.1 million to date in the U.S.
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 Miramax declined comment on Morgan Stanley and QInvest coming aboard to assist with the sale.