Weinsteins fashion winning bid for Miramax Films

MUMBAI: In its bid to take over Miramax Films, the studio they founded in 1979 and sold to Walt Disney Co. in 1993 for $80 million, Weinstein brothers have fashioned a unique winning bid.

Harvey and Bob Weinstein had been building enough financial power to put together an offer of $600 million or thereabouts in its attempt to top bids from rival suitors like Alec and Tom Gores and Hollywood wheeler-dealer David Bergstein.

The Weinsteins have been in talks with billionaire financier Ron Burkle throughout the auction process. In addition to Burkle‘s Yucaipa Group, the duo‘s backers include hedge funds Fortress and Colbeck Capital.

In effect, Burkle and friends would be the official buyers, but the Weinsteins would effectively run the operation.

For months, Disney has been soliciting offers for the recently shut specialty-film unit and its 611-title library. However, there was no word on when an official announcement of the deal would be made as lawyers representing Disney were in the process of going through the financial details provided by the Weinsteins.

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