Disney Sells Miramax For $660 Million
By Gordon Wilcox
July 30, 2010 5:27 AM
July 30, 2010 5:27 AM
Dow component Walt Disney (NYSE: DIS) said that it will sell its Miramax Films business to an investor group led by Ronald Tutor for $660 million. Tutor's group gave Disney a $40 million non-refundable deposit on Thursday.
Disney acquired Miramax for $80 million in 1993, but has been looking to sell the business for the past six months because it doesn't mesh with the company's other film studios.
The sale is expected to close between September and the end of this year.
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