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Tom Barrack Named Chairman At Miramax; Richard Nanula Officially Resigns

By | Monday July 8, 2013 @ 8:16am PDT

Related:
More Trouble For Colony Capital’s Richard Nanula
Nanula Takes Leave Of Absence From Miramax And Colony After Sex Scandal

SANTA MONICA, July 8, 2013 – Global film and television studio Miramax announced today that Thomas J. Barrack, Jr. has been named Chairman of the company, effective immediately, replacing Richard Nanula, who has resigned. Mr. Barrack is Chairman, and Chief Executive Officer of Colony Capital, LLC. Miramax is privately owned by an investor group that is led by Colony Capital, LLC.

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More Trouble For Colony Capital’s Richard Nanula

By | Friday June 28, 2013 @ 4:32pm PDT

Related: Richard Nanula Takes Leave Of Absence From Miramax & Colony Capital After Sex Scandal

This week’s sudden leave of absence for personal reasons isn’t the only sex related problem for Richard Nanula and Colony Capital. The former Walt Disney Company exec and the investment firm were charged with sexual harassment in a suit (read it here) filed earlier this year by a former paralegal. “On or about January 30, 2012, Plaintiff was subjected to inappropriate workplace conduct. Plaintiff was engaged in a conversation with her colleague, K.C. Brooks, when she felt someone squeeze and grope her buttocks. This touching was unwelcome, extreme, and offensive.  When she turned around Plaintiff observed Defendant Nanula walking away, and then heard him say, ‘uh-oh.’ Plaintiff immediately felt shocked, humiliated and demoralized by Defendant Nanula’s conduct. At first she attempted to refocus on her conversation with Ms. Brooks, however, she was too upset to continue the conversation and returned to her desk,” alleges the eight-claim complaint from Stephanie Shaw. Filed on January 30, 2013 in LA Superior Court, the complaint goes on to detail how Shaw attempted to have the situation addressed by Colony, how she suffered emotional distress from the groping and other incidents and how she was let go on April 24, 2012 after less than a year at the company. Besides the sexual harassment … Read More »

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Richard Nanula Takes Leave Of Absence From Miramax And Colony Capital After Sex Scandal

BREAKING… EXCLUSIVE… UPDATE: Few Hollywood business executives have as distinguished a record of success as Richard Nanula. Now Deadline has learned from Colony Capital that the former Walt Disney Company SEVP/CFO has taken an unexpected leave of absence for personal reasons from the investment firm where he is a Principal and Miramax, where he actively manages that entertainment banner’s strategy. There is no return date pending, which indicates his future with both companies is being left open. Nanula is now the second major movie/TV executive this year alleged to have crossed the line between personal and professional behavior because of a private sex scandal. In March, Hearst Entertainment & Syndication President Scott Sassa left after his company became aware of an extortion plot and sexting scandal involving a stripper. Nanula’s surprise leave of absence comes nearly two weeks after Deadline began receiving tips that TheDirty.com was identifying Nanula in online photos having sex with a porn star. That post now appears to have been removed by the website. But Deadline learned that another website, GenesisOnline, re-posted the story and screen shots under the headline Ex Disney Exec Shoots a Porno with Wicked Contract Girl Samantha Saint on June 18th and made allegations it had related “old texts” involving Nanula. (Deadline did not write about the online stories at the time because it doesn’t post about personal lives.)

Nanula received recognition when … Read More »

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Lodgenet Vows To Improve Hotel TV By Expanding Relationship With DirecTV

The changes will begin to take place after private equity firm Colony Capital completes its acquisition of LodgeNet Interactive, part of a pre-packaged Chapter 11 that’s expected to wrap up later this month. At that point DirecTV will participate in what the companies call “an expanded strategic relationship” to improve LodgeNet’s interactive TV and broadband services which go to 1.4M hotel and hospital rooms in the U.S. and Canada. The No. 1 satellite company will provide LodgeNet’s customers with “upgraded products and services” and receive warrants that it can use to buy up to 2.5% of the restructured LodgeNet. The arrangement will provide customers with “a unique financing program to facilitate upgrades to HDTV service at little or no out-of-pocket capital expense.” In addition, LodgeNet plans to offer additional a la carte programming, exclusive content, and DirecTV’s NFL Sunday TicketLodgeNet’s user interface will resemble DirecTV’s, and the satellite company will provide support for operations and customers. Read More »

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Miramax’s Colony Capital Goes After Summit

EXCLUSIVE: It escaped almost everybody’s notice that Colony Capital’s Tom Barrack and his buddy and business associate Rob Lowe attended the November 14th premiere of Twilight Saga: Breaking Dawn Part 1. There appeared no reason for the pair to be there: they had no stake in the film, and they are not teenage girls. They did pose on the Red Carpet for a photo with Summit co-chairmen Rob Friedman and Patrick Wachsberger (see right). And they did have a very good reason to be there, Deadline has learned. Because Santa Monica-based Colony Capital is exploring a deal in which Barrack would take a large equity stake in Summit Entertainment.

Until now, the only potential marriage partner poised for Summit has been Lionsgate, with the two companies engaged in a long and public flirtation to merge. We are told that Colony Capital is not proposing a merger. Instead, Summit would be a friendly takeover target, with the braintrust continuing to run the show, and Summit investors cashing out. There are two ways to proceed being mulled by Colony Capital right now. Barrack is a key owner of Miramax, and in one scenario, Barrack would meld the assets of Summit with a Miramax library. The other scenario has Colony Capital setting up a different company to take a large equity stake in Summit and leave it as a freestanding mini-studio. Barrack and Lowe (yes, Lowe is very much part of this and his … Read More »

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Miramax Raising $550M With $142M For Dividend To Colony Capital: Bloomberg

The studio had already said in October that it wants to refinance much of the debt taken on last December when investor Ron Tutor, and Tom Barrack’s Colony Capital, paid Disney $660M for Miramax. We just didn’t know how much it wanted to raise and where the cash would go. But Bloomberg says that two people “with knowledge of the situation” have disclosed that Miramax plans to sell asset-backed bonds that will enable the company to take advantage of today’s low interest rates and assume more debt. It also would be used to partly repay the investors. They initially put in $408M, now down to $308M, and would continue to keep $100M at Miramax.  Colony would benefit from a $142M dividend. Miramax’s collateral would include its 700 films and 14 television series as well as rights to books and development projects. The company has been busily cutting digital licensing deals, including one this week with Netflix to stream movies in the UK and Ireland. Bloomberg says that Barclays Capital and Jefferies Group are managing the bond sale.

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TOLDJA! Miramax Formalizes New CEO Hire

Mike Fleming

As expected, former News Corp exec Mike Lang was named CEO of the new Miramax Films now owned by construction magnate Ron Tutor and Tom Barrack’s Santa Monica-based Colony Capital (led by former Disney CFO Richard Nanula), and Qatar Holding. Colony Capital’s Nanula will be the key person picking a CEO and CFO from the usual roster of experienced movie executives. Barrack has said frequently that Miramax didn’t want to end up hiring someone who’ll use distribution as an “excuse” to go into production. “Because that would be disastrous.”

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TOLDJA! Done Deal: Disney Sells Miramax To Ron Tutor & Colony Capital For $660M

Miramax Deal “95%” Done
Colony Capital Now Leading Ron Tutor’s Miramax Negotiations

Back on July 8th I was the first to tell you that construction magnate Ron Tutor and Tom Barrack’s Santa Monica-based Colony Capital led by former Disney CFO Richard Nanula had joined together to negotiate the acquisition of Miramax from Disney. And so that deal finally gets done tonight after so many frustrating and annoying stops and starts, and bidders and runners-up. (Announcement below.) Still, this was relativity speedy considering that Colony Capital only a month ago entered the deal as a big equity provider matching Tutor’s equity of several hundred million dollars. So I have to ask: Are bidding war losers Harvey and Bob Weinstein crying into their beer tonight?

All in all, $660 million is a very good price for the company because film library values have taken a hit as DVD/video has flattened. True, Disney once placed a sky-high $1.2 billion pricetag on the Miramax library. The studio hoped to get around $800 million, then $700 million, and this number comes awfully close to that. The final figure exceeds the $625M-$650M which the Weinstein brothers/Ron Burkle/Fortress-Colbeck partnership seemed ready to pay until talks broke down. Due diligence showed that Miramax is sitting on a lot of cash, as much as $300M in receivables. Also, I’ve learned that Disney stands to make even more because … Read More »

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TOLDJA! Tutor Confirms David Bergstein Won’t Have Role In New Miramax

Back on July 7th and again on July 8th, I was first to report that the notorious film financier David Bergstein “was being pushed aside” and would have no role in Miramax once it was purchased from Disney by construction magnate Ron Tutor and Santa Monica-based Colony Capital. (I wrote: “As for the notorious film financier David Bergstein, I’ve learned his role is over as soon as the deal is finished. ‘He gets paid for packaging the deal and consulting on the transaction. Then that’s it,’ an insider tells me.”) On Sunday, Tutor confirmed my reporting in an interview with The Hollywood Reporter. But I’m bewildered why the trade tried to claim he “unleashed a bombshell” that there will be no role in Miramax for his pal Bergstein. How utterly classless of The Hollywood Reporter — and Alex Ben Block, who knows better – not to give Deadline credit. Then again, THR and Variety, too, steal so much content from Deadline without credit on an almost daily basis, it’s clear the trades have no shame anymore.

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Miramax Deal “95%” Done: Only “Couple” Of Deal Terms And Timing Issues Remaining

UPDATES Former Disney CFO Richard Nanula Now Leading Ron Tutor’s Miramax Negotiations; Deal Could Close In A Week

miramax_logo_blackI couldn’t agree more with a  Disney insider who just told me, “We could all have a nice vacation in Tahiti if there was a dollar for every time this deal was reported as done.” So here’s what I know about how close this deal actually is between Disney and the Ron Tutor/Colony Capital/James Robinson partnership. It’s “95% just about done,” an insider tells me. “A couple of deal terms and timing issues remain. Like when does the deal actually close? When do all of the contingencies Disney needs to deliver get cleared? Right now there’s not really a Miramax because it’s been comingled with other Disney assets. So what has to happen is those assets have to go in and out so that the partnership can end up buying Miramax with clean assets and no liabilities. By tomorrow we could have a deal in principle. But it’ll be up to Disney to decide when to sign it and announce it.” Still, this is incredibly speedy considering that Colony Capital only a week ago entered the deal as a big equity provider matching construction magnate Ron Tutor’s equity of several hundred million dollars. Colony Capital will receive Miramax board seats as a result.

And here’s what I know about the price being paid. “The headline … Read More »

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Colony Capital Plans $500M Media Fund

By | Thursday July 1, 2010 @ 10:09am PDT

I’ve confirmed that Tom Barrack, president of California-based Colony Capital, is putting together a $500M media fund with of all people TV star Rob Lowe and a couple of other investors. Barrack, whose real estate investment firm co-owns Michael Jackson’s Neverland ranch and stepped in to bail out photographer Annie Leibovitz after she couldn’t meet interest payments on a $24 million loan and faced losing her home, invests in entertainment businesses with a bricks-and-mortar component such as casinos or cinema chains (the Mars in Turkey). Colony Capital currently has $30 billion of assets under management.

Barrack and Lowe have been discussing their unnamed fund for some years but so far have bought nothing except for a new round of media attention during a recent London visit. “Barrack brought Rob the idea that there are a lot of media properties that need financing,” one insider tells me. They were spotted entering the fashionable C restaurant – Madonna’s favourite – to meet its owner Flavio Briatore, the Italian entrepreneur whose yacht was seized last month by Italian police for tax evasion. Lowe and Barrack were later seen at a party given by tennis star Boris Becker.

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