According to the Associated Press, Disney is selling Miramax Films to Filmyard Holding, an investor group led by construction magnate Ron Tutor, for about $660 million. Disney president and CEO Robert A. Iger stated that Disney wants to focus "on the development of great motion picture under the Disney, PIxar and Marvel brands."
Miramax was facing challenges earlier this year when Disney stopped investing in its projects and began a round of cost-cutting initiatives. The Associated Press reports that Disney had already been looking to sell Miramax because it was not consistent with the more family-orientated Pixar and Marvel.
Tutor and other investors put down a $40 million nonrefundable deposit on Thursday. The deal is expected to close as soon as September 10.
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Miramax, founded in 1979 by Harvey and Bob Weinstein, helped to spark the independent and art-house film boom of the 1990s. It had been under Disney management for 17 years.