Disney to Sell Miramax Films to Filmyard Holdings

Filmyard Holdings is to acquire Miramax Films from The Walt Disney Company for more than $660 million. The deal includes rights to the film library of more than 700 titles, as well as book titles and development projects.

"Although we are very proud of Miramax's many accomplishments, our current strategy for Walt Disney Studios is to focus on the development of great motion pictures under the Disney, Pixar and Marvel brands," says Robert A. Iger, Disney's president and chief executive officer. "We are delighted that we have found a home for the Miramax brand and Miramax's very highly regarded motion picture library."

Partners behind Filmyard Holdings include Ron Tutor, Tom Barrack, Colony Capital and others.

"I am delighted and honored to acquire the Miramax library," says Ron Tutor. "On behalf of my partners Tom Barrack and Colony Capital, we look forward to sharing this high-quality content with the world in every form of media for many years to come."

Disney acquired Miramax Films in 1993 and was only operated as a division of the company when founders Bob and Harvey Weinstein left in 2005. The studio's well-known films include Chicago, Shakespeare in Love and No Country for Old Men.