Weinsteins’ Miramax dreams turn to dust
What seemed like an imminent sale is now a failed negotiation for Walt Disney Co. and the Weinstein brothers.
Disney officially ended talks over the potential $625 million deal that would bring Miramax back under the control of its founders, Harvey and Bob Weinstein, thanks to some much needed capital provided by billionaire Ron Burkle, the Fortress Investment Group and Colbeck Capital. Apparently, the complicated four-party negotiations irritated Disney, but the final straw came with restructuring Miramax and its relationship to The Weinstein Company, the brothers’ other independent film outfit.
Some rumors already have Disney in talks with the Gores brothers, Christian billionaires born in Nazareth, Israel who have long expressed interest in the company. But it is still premature to say whether the Weinstein option is off the table for good—or if this is yet another power play in a twisted negotiation.