Disney agrees to sell Miramax Films to investor group led by Ron Tutor
After months of negotiations with various buyers that failed to bear fruit, Walt Disney Co. finally reached a deal to sell its Miramax Films unit in a deal that severs the independent movie pioneer’s 17-year association with the Burbank studio.
Disney late Thursday signed a definitive agreement to sell Miramax to Filmyard Holding, an investor group led by Los Angeles construction magnate Ron Tutor, for more than $660 million, putting the future of the company with a long string of award-winning films into the hands of a Hollywood outsider.
Tutor and his partners, including Los Angeles private equity firm Colony Capital, delivered a nonrefundable down payment of $40 million to Disney on Thursday, which will be held in escrow until they secure all the financing by a closing date of no later than Dec. 3. Tutor and Colony Capital will each put up about $100 million of the purchase price, while minority investor Jerome Swartz, a retired engineer and philanthropist, is expected to contribute an additional $25 million to $50 million in equity.
