The investor group that controls Miramax is looking to put the company up for sale, Bloomberg reports. A source confirmed to Deadline that Miramax has been talking with banks about a sale but said discussions are only preliminary. Miramax’s 700-odd movie library includes Oscar winners Shakespeare in Love, The English Patient, Pulp Fiction and other distinctive titles that might fetch as much as $1 billion, sources told the news service.
The $1 billion price tag may be overly ambitious. Disney sold Miramax for $660 million in 2010 to a group of investors including Colony Capital, which is controlled by Thomas Barrack Jr., Qatar Holdings and Ron Tutor, who later sold his stake to Qatar.
At the time of the sale, Miramax had roughly $300 million in cash receivables. The problem is that Miramax is running out of titles to license, so there’s little new value unless it makes new films.
Under current management, Miramax has become a bit more active in production, acquisition and distribution to bolster the library. That strategy included a deal with The Weinstein Company to further monetize the library with additional movies, TV shows and stage productions.
After they sold Miramax to Disney in 1993, founders Harvey Weinstein and Bob Weinstein and departed in 2005 after falling out with studio management. The brothers subsequently launched The Weinstein Company.
Miramax’s latest release is Mr. Holmes, which stars Sir Ian McKellen as an elder version of the iconic detective and opened today. Miramax also produces the TV series From Dusk Till Dawn based on Robert Rodriguez’s 1996 vampire movie. That series is entering its sophomore season on the El Rey cable network, a joint venture between Rodriguez and Univision.
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