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Lagging Miramax Deal Delays Two Films

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.

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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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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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