Disney Sells Miramax
RENEE MONTAGNE, host:
NPR's business news starts with a Hollywood original changing hands.
(Soundbite of music)
MONTAGNE: Miramax will no longer be part of Disney's entertainment empire. Disney has sold the film studio - famous for offbeat hits like "Pulp Fiction" -to an investment company partly run by a construction magnate.
The Walt Disney Company wants to focus on its Pixar and Marvel divisions, which turn out movies that appeal to the mass market, and offer more opportunities for merchandising.
It's not getting a bad return on its original investment, though. Back in 1993, Disney bought Miramax for $80 million. It's now selling it for more than $660 million.
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