UPDATE SATURDAY 2:30 AM: Ignore those media stories claiming Miramax and The Weinstein Co are in talks for a potential merger. Even while on vacation I can tell you definitively they’re overblown. I’ve learned a merger is impossible because of The Weinstein Co‘s structure. As I first reported Friday, what is true is that Colony Capital/Miramax chief Tom Barrack and Harvey Weinstein just spent time in St Tropez conferring about ways to work together because of lots of joint venture opportunities. Such co-productions would give Harvey access to his most coveted projects from his Miramax heyday which is why he wanted to buy it back from Disney in 2010. The Weinstein Co and others are courting Miramax because its cash flow will exceed $160 million this year. “So all of the production groups would like to plug into this free cash flow with their development pipeline,” my insider said Friday.
EXCLUSIVE … FRIDAY 1 PM: Hollywood needs more production and financing right now. So the good news is that Miramax is about to become a movie/TV player “big time” under Colony Capital chief Tom Barrack’s direct oversight following Richard Nanula’s exit. “There will be some big announcements in the next 60 days of productions and joint ventures,” one of my sources says. I’ve learned that first up is this project: Miramax and Starz have agreed to develop and cofinance a one-hour TV series based on the critically well-received 1997 Miramax film Copland. The pic’s scripter-director James Mangold is executive producing the TV show with Cathy Konrad and Adam Fields. Mangold and Bryan Goluboff (The Basketball Diaries, 2008’s In Treatment) are writing the pilot. (more…)