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Due to complications, the Weinsteins lose out on Miramax bid

05.25.2010

Well...looks like Bob and Harvey Weinstein finally lost out on Miramax.

Walt Disney Co. has ended negotiations with the brothers who were attempting to buy back the company they founded, according to The Wall Street Journal. The $625 million dollar deal backed by Ron Burkle turned out to be a bit "too complex".

There's more to the story though. Burkle wanted complete ownership of Miramax for his $300 million. This would leave Bob and Harvey as "asset managers". Apparently, there was a short break so that the particulars could get figured out, but the eventual collapse was due to the complex structure of the acquisition.

Disney is now looking for new offers. This opens the door for billionaires, Alec and Tom Gores. The brothers are also in talks to buy Overture Films from Liberty Media for around $200 million.

This must really be a bad day for the brothers Weinstein, who founded Miramax back in 1979. Disney bought the company in 1993 for $80 million while the brothers continued to operate. After a feud with Michael Eisner, they broke away and started, The Weinstein Company in 2005.

Extra Tidbit: Harvey Weinstein once said, "I'm not cutting for fun. I'm cutting for the shit to work. All my life I served one master: the film. I love movies."
Source: THRCinematical

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