Los Angeles billionaire Ronald Tutor and his partners Morgan Creek, Colony Capital and David Bergstein have reached agreement to buy Miramax from The Walt Disney Company, Waxword has learned.
The sale price is believed to be $675 million.
The agreement was struck on Thursday afternoon in negotiations led by Tutor, who will take the lead management position in the arthouse studio with a 700-film library, according to a knowledgeable individual.
Tutor intends to run Miramax as a standalone company; Bergstein, a controversial figure who is mired in numerous lawsuits over the closure of ThinkFilm and his other companies, is expected to take a prominent advisory role.
The agreement, which is not yet officially closed but whose broad outlines are agreed-upon by both sides, according to the individual, is expected to officially close by the end of July.
Full story: Disney agrees to sell Miramax to Tutor for $675M – The Wrap