Billionaire Ron Tutor told analysts and journalists back in May he was looking to unload his movie assets, and now it looks like he has found a buyer for his biggest one, selling his stake in the studio to co-owner Qatar Investment Authority. Variety reports the construction magnate had a “large minority stake” in the Miramax library, which he partnered with QIA and Colony Capital to acquire from Disney in 2010 for $663 million. (Former owners Harvey and Bob Weinstein, who also tried to buy the Miramax library back in 2010 with Ron Burkle, had valued the assets at $400 million). Variety said QIA’s stake is now around 75%. Miramax has done deals with the likes of Netflix and Hulu to exploit its catalog titles, which number around 700, but no new films are in the works and questions remain about the future of the library. Tutor said in May that some of his assets are tied up in bankruptcy with fellow film financier David Bergstein and other litigation.
Ron Tutor Sells Stake In Miramax: Report
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