Disney bought the Miramax studio from the Weinsteins in 1993, but since then its become a liability to them so they cut its losses and closed doors on Miramax. But there was hope, as the Weinsteins came out of the darkness looking to take back their old studio with a healthy $600m offer. Well now after negotiations over the library and other details crumbled that looks like its not happening either.
A $600 million deal between Disney and the Weinstein brothers has fallen through, leaving the fate of Miramax up in the air. While an agreement between the two parties was once considered inevitable, The Wrap reports that “legal minutiae and details of the library split caused the talks to drag on and ultimately fizzle.”
Miramax houses a great deal of independent films and it would be a shame for them to be buried in dust without a distributor, and while Disney themselves COULD make sure these old titles end up on a retail shelf somewhere, the legacy of further films in this category (at least developed by this studio) would be lost. Not to say no one else will be making this grade of film, but Miramax offered a home and venue for many thriving film makers and it would be nice to have more studios in that class around.
I was encouraged that the Weinsteins were looking to take it back with a very generous offer, however that looks like it won’t happen now, so its all back up in the air.
