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Miramax Bidding

Miramax

Disney is on the look out of a buyer for its struggling Miramax Unit. According to a mergers and acquisitions expert, the Miramax film unit of the Walt Disney Company is open for bidding and has attracted around 10 bidders. The film unit has a 700-film library that includes films like ‘Pulp Fiction’ and ‘Shakespeare in Love’. The initial discussions imply a price of over $700 million for the art house label.

Miramax delivered specialty films like “Chicago”, “The Queen”, “Kill Bill”, “No Country for Old Men” and “The English Patient” and many of the films in the library were nominated for more than 200 Academy Awards. Disney has been looking to find a bidder for the label and scale down its division even announcing the closure of Miramax in October.

Summit Entertainment is a potential buyer while the Weinstein brothers who founded Miramax are not among the bidders till now. Summit Entertainment is the privately owned studio that released ‘Twilight’ blockbusters and is currently rich in cash. However, it doesn’t have a large library.

 

Other interested parties include Relativity Media, France’s cable giant Studio Canal and Nelson Peltz. The identities of interested parties and the library cash flow are not open for comments yet. However, Miramax is being valued at somewhere between $380 million to about $500 million. The billionaire Peltz, an entrepreneur wants to enter the glamour business and is bidding for Miramax, while Lionsgate has opted out of bidding.

Disney is expecting to move ahead with its sales within a few months with some serious bidding inquiries on its way.