Six months after it was put on the market, Miramax Films has been sold for $660 million to Filmyard Holdings Llc., whose principals are construction executive Ronald Tutor and Colony Capital chairman Tom Barrack individually and through his company, the Walt Disney Co. announced.
The sale, which is expected to close between Sept. 10 and year’s end, includes rights to more than 700 film titles, according to the announcement, including Academy Award winners “Chicago,” “Shakespeare in Love” and “No Country for Old Men.”
There were few other details about the transaction, the financing or future plans for Filmyard, which is expected to launch a new movie company that will exploit the library and make at least some new films. Sources have estimated the library comes with outstanding receivables worth more than $150 million, which will help reduce the acquisition cost.
