Miramax sale in limbo

HollywoodNews.com: Disney’s sale of Miramax Films to construction tycoon Ron Tutor looks to be going south.

Variety reported that financial backers in Tutor’s $660 million bid have exited. Banks were set to finance $250-$275 million with the rest coming from Morgan Creek founder James Robinson and philanthropist Jerome Swartz, who have reneged on their commitments.

Disney announced the sale on July 30 after turning down the Weinstein Brothers, the original owners of Miramax, who came forward with a bid for $565 million. It isn’t definite whether the Weinsteins will re-bid again.

Recently Disney released one of Miramax’s final films, “The Switch,” starring Jennifer Aniston and Jason Bateman. The film failed to generate any large waves at the domestic box office, grossing just over $17 million.

Many box office pundits and critics believed that the film would have played better as an arthouse release. Tutor’s Miramax was originally set to handle “Switch” but Disney decided to distribute for a fee.

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Photo Credit: Miramax/Disney

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