Walt Disney Sells Miramax For Over $660 Million
Walt Disney Co (NYSE: DIS) has sold film studio Miramax to Filmyard Holdings LLC in a deal amounting to more than $660 million. The sale puts an end to the months of talks that the media group was holding with various bidders.
With the Miramax sale, Disney has also sold the rights of more than 700 movie titles such as "Chicago," "Shakespeare in Love" and "No Country for Old Men." The studio has, for some time, not made big commercial hits such as "Pulp Fiction" and "Chicago," although it has churned out some critically acclaimed films such as "Doubt."
According to Disney Chief Executive Robert Iger, "Although we are very proud of Miramax's many accomplishments, our current strategy for Walt Disney Studios is to focus on the development of great motion pictures under the Disney, Pixar and Marvel brands."
Analyst Chris Marangi of Gabelli & Co said, "It turns the page on Disney's foray into non-Disney branded films and completes their focus on franchise properties. They're also finding promising areas of growth in new media, especially in areas where they can monetize Disney properties."
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