Financier David Bergstein and Miramax owners Filmyard Holdings have reached an agreement today on their ongoing legal dispute. No details of the deal were made public, other than that Bergstein will dismiss the case he filed against the company and investors April 9. However, a source close to the arrangement tells Deadline that Bergstein will receive a “small amount of money in the deal.” The source added, “this is a full retraction by David and he holds no stake in the company.” Bergstein had claimed in the suit that he was owned 3.3% of the company and $6 million for putting the deal together in the first place. “I am pleased that I was able to sit down with my counterparties in this suit, discuss our differences and resolve them,” said Bergstein. “I fully retract the claims made in the lawsuit against Filmyard, Miramax, Colony Capital, Richard Nanula and Josh Grode. I’d like to thank everyone involved for their understanding and cooperation.”
The Walt Disney Co’s sale of Miramax Films to Filmyard Holdings for $663 million — subject to certain adjustments — has been completed, it was announced today by both companies. The actual owners are construction magnate Ron Tutor and Tom Barrack’s Santa Monica-based Colony Capital (led by former Disney CFO Richard Nanula), and Qatar Holding. The deal includes rights in over 700 film titles, including Academy Award winners Chicago, Shakespeare in Love and No Country for Old Men. Also included are non-film assets, such as certain books, development projects and the “Miramax” name.
Back on January 27th, Deadline was first to tell you that the Weinstein Brothers who founded Miramax in 1979 were trying to buy back the Miramax name, because it’s based on their parents’ first names – Max and Miriam. The bros sold Miramax to Disney in 1993, but left behind the name and the library when they walked away because of a money feud with Michael Eisner and started the The Weinstein Company in 2005. Soon even more potential buyers began kicking the tires and the Weinsteins were in a fierce bidding battle with richer rivals. But then negotiations with the Weinsteins became exclusive, only to fall through.
Then, on January 27th, 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 today after so many frustrating and …
EXCLUSIVE: I’m told that Miramax transaction between owner Disney and soon-to-be new owners, construction magnate Ron Tutor and Tom Barrack’s Santa Monica-based Colony Capital (led by former Disney CFO Richard Nanula), won’t be finalized until the end of the year or soon after because of “strictly logistical reasons”. (“Standard practice in a deal of this magnitude,” one insider tells me.) As a result, it has impacted two movies: The Debt, which was supposed to be released on December 29th, and Don’t Be Afraid Of The Dark the end of January. Now both pics are postponed until parent company Filmyard, which is what Tutor and Barrack are calling their new film company umbrella over Miramax, takes over. No new dates have been set.