Disney To Auction Off Miramax Studios (DIS)

Miramax studio was founded by brothers Harvey and Bob Weinstein thirty years back and was later sold to Walt Disney Company (NYSE: DIS). Miramax studio is an independent Hollywood movie studio and has got creations like “Shakespeare in Love” and the “Kill Bill” series to its name.

In its initial years, Miramax had made its mark by making low budget movies like “Clerks” and “Sex, Lies and Videotape”. Disney, now however, plans to auction off the studio.

Bidders are estimating to pay around $700 million for the studio property. Disney has already closed Miramax’s offices in New York and Los Angeles and has laid off 80 people. Disney seems to be in a cash crunch as it has already delayed and scaled back its scheduled releases.