Disney Announces Sale of Miramax Films to Filmyard Holdings LLC

Published on Friday, 30 July 2010 01:40 Written by TradersHuddle Staff

BURBANK, Calif.-( Business Wire )-

The Walt Disney Company (NYSE: DIS) announced today the sale of Miramax Films to Filmyard Holdings LLC for over $660 million subject to certain adjustments. Partners in Filmyard include Los Angeles businessmen Ron Tutor, Tom Barrack, Colony Capital LLC and other individuals. The transaction is subject to certain regulatory approvals and is expected to close between September 10, 2010 and the end of the calendar year.

The sale of Miramax Films includes rights in over 700 film titles, including Academy Award winners like Chicago, Shakespeare in Love and No Country for Old Men. Also included are non-film assets, such as certain books, development projects and the "Miramax" name.

"Although we are very proud of Miramax's many accomplishments, our current strategy for Walt Disney Studios is to focus on the development of great motion pictures under the Disney, Pixar and Marvel brands,” said Robert A. Iger, Disney’s President and CEO. “We are delighted that we have found a home for the Miramax brand and Miramax's very highly regarded motion picture library.”

“I am delighted and honored to acquire the Miramax library,” said Ron Tutor. “On behalf of my partners Tom Barrack and Colony Capital, we look forward to sharing this high quality content with the world in every form of media for many years to come.”

About The Walt Disney Company

The Walt Disney Company, together with its subsidiaries and affiliates, is a leading diversified international family entertainment and media enterprise with five business segments: media networks, parks and resorts, studio entertainment, consumer products and interactive media. Disney is a Dow 30 company and had annual revenues of about $36 billion in its most recent fiscal year.

Forward-Looking Statements:

Certain statements relating to the timing and consummation of the transaction in this press release may constitute "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995. These statements are made on the basis of the current beliefs, expectations and assumptions of the management of Disney regarding future events and are subject to risks and uncertainty regarding the receipt or timing of regulatory approvals and fulfillment of conditions contained in the transaction documents. Disney undertakes no obligation to update or revise these statements, whether as a result of new information, future events or otherwise.

The Walt Disney CompanyZenia MuchaCorporate Communications(818) 560-5300