Miramax sale includes 'Gnomeo,' 'The Switch'
Bar code scanner inventor, Rob Lowe among label's investorsThe animated movie "Gnomeo & Juliet" and three other completed pictures are included in Disney's sale of Miramax Films, and actor Rob Lowe is part of the buying group through a media investment fund he recently created with Tom Barrack of Colony Capital.
Those were among the details emerging in the wake of the agreement to sell the Miramax name and film library for $660 million to a group led by construction exec Ronald Tutor and Colony Capital.
The buyers also include Jerome Swartz, an engineer who invented the laser scanner that allows for bar coding for products.
Swartz founded, ran and sold Symbol Technologies and now is a college professor and philanthropist. Sources say he is putting in $50 million, while Tutor and Barrack/Colony each will invest $100 million in equity. That will leave about $300 million that must be raised as debt. There is also cash held by Miramax and receivables due over the next five years that helps reduce the effective acquisition cost to about $600 million.
The investors do not include James Robinson of Morgan Creek, apparently because of a last-minute dispute over how large his role would be in the new company. He could return later.
As first reported by THR, the movies in the deal will be distributed by Disney under an agreement to handle distribution in all media for the new company for at least a year. That is intended to give Miramax time to hire an executive team, staff up and create an infrastructure to handle its own distribution and production.
Lowe, newly confirmed as a regular on NBC's "Parks and Recreation," said Friday that this is the first investment by his new media fund. "The acquisition of a classic brand like Miramax is an exciting first step in my partnership with Tom Barrack and Colony Capital," he said. "This represents an exciting new chapter for me. And Tom and I could not have a better partner on our first deal together than Ron Tutor."
The first pics from the new Miramax will be:
-- "Gnomeo & Juliet," set for a wide release Feb. 11: There was a question about whether this family film about warring indoor and outdoor gnomes would be included because Disney was so high on it. Now in postproduction, it was produced by London-based Rocket Pictures, run by Elton John, Steve Hamilton Shaw and David Furnish, who was the executive most involved. It was financed by Miramax and made under contract at the Starz Animation studio in Toronto. The voice cast includes James McAvoy (as Gnomeo), Emily Blunt (as Juliet), Michael Caine, Maggie Smith and Patrick Stewart.
-- "The Switch" (wide release Aug. 20): Known during production as "The Turkey Baster," this stars Jennifer Aniston as an unmarried 40-year-old woman who uses a turkey baster to be artificially inseminated and becomes pregnant. Seven years later, she discovers that her best friend replaced the sperm she had specially chosen with his own. It also stars Jason Bateman, Juliette Lewis and Jeff Goldblum.
-- "The Debt" (opens Dec. 29 on more than 1,000 screens before expanding): Helen Mirren stars in this drama directed by John Madden about an Israeli agent who is killed on a secret mission to find a doctor who is a Nazi war criminal. The doctor resurfaces 30 years later. The cast includes Sam Worthington, Tom Wilkinson and Jessica Chastain.
-- "Don't Be Afraid of the Dark" (wide release Jan. 21): The subject of a panel discussion at Comic-Con, the horror film is produced by Guillermo del Toro and stars Katie Holmes and Guy Pearce.
"The Tempest," directed by Julie Taymor and originally made for Miramax, is being kept by Disney. It will screen at the Venice and New York film festivals before getting a Dec. 10 platform release.