Disney Agrees To Sell Miramax
RENEE MONTAGNE, host:
NPR's business news starts with Hollywood deal-making.
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MONTAGNE: Disney has reached an agreement to sell its independent film unit Miramax. According to news reports, a California construction mogul Ron Tutor, along with the investment firm Colony Capital, will buy the studio. They'll pay six to $700 million for Miramax and its library of about 600 films, which include some big hits like "Pulp Fiction" and "Shakespeare in Love."
Disney has owned Miramax since 1993. It put the film company up for sale earlier this year in order to get out of the independent film business. Among the failed bidders were the brothers Bob and Harvey Weinstein, who founded Miramax 31 years ago.