Miramax owners said to be exploring sale | News Entertainment

Miramax owners said to be exploring sale

18 Jul 2015 | Author: | No comments yet »

Film studio Miramax explores sale: sources.

Miramax, the once-gold plated studio that owns films like “Shakespeare in Love” and “Gangs of New York,” is looking for a buyer, sources familiar with the situation confirmed. Miramax and its library of more than 700 films is up for sale again, with Thomas Barrack’s Colony Capital and Qatar Holding meeting with bankers to handle the transaction, an individual with knowledge of the situation told TheWrap on Friday.Privately-held Miramax, which owns the rights to lots of of Hollywood movies together with “Bridget Jones’ Diary” and “The English Patient,” is exploring strategic options together with a possible sale, in accordance with individuals accustomed to the matter. Miramax’s 700-odd movie library includes Oscar winners Shakespeare in Love, The English Patient, Pulp Fiction and other distinctive titles that might fetch as much as $1 billion, sources told the news service. Colony Capital, Qatar Holding and billionaire Ron Tutor purchased Miramax from Disney for $660 million in 2010 before Qatar Holding bought out Tutor’s stake, though the new owners have done little to grow the value of the company despite investments in several new films.

The Santa Monica, California-based firm is chatting with monetary advisers about its choices, based on the individuals, who couldn’t be named as a result of the matter is personal. The studio theoretically could be of interest to expanding streaming services like Netflix, Hulu and Amazon or to studios like MGM and Lionsgate that are looking to bulk up their libraries.

Investment in the sector, which ebbed during the financial crisis and after, is returning, and the proliferation of digital services such as Amazon.com Inc. and Netflix Inc. has led to increased demand for content. Miramax’s owners may be betting that the company’s high-quality film library, which includes “No Country for Old Men” and “Good Will Hunting,” will be attractive to potential buyers. Miramax founders Harvey Weinstein and Bob Weinstein sold the company to Disney in 1993, and departed in 2005 after falling out with studio management. While the corporate is greatest recognized for its in depth movie library, it now has began to distribute new films, together with unbiased movie “Mr. The $1 billion pricetag floated this week is also “wildly inflated and should be something like half of that,” said the Lionsgate source, who declined to be identified while discussing sensitive financial dealings.

Analysts said it was hard to put a value on Miramax, particularly because there has been a dearth of film library transactions in recent years and because no information has been published about how much revenue the company’s library produces. A representative for Qatar Holding, a unit of the Gulf State’s sovereign wealth fund, didn’t respond to a request for comment sent outside regular business hours.

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