Movies

Disney sale of Miramax Films finalised

MUMBAI: The $663 million sale of Miramax Films by Disney to Filmyard Holdings, the group led by construction exec Ron Tutor and investor Tom Barrack was finalised on Friday.


Qatar Holdings, that invests for the Middle Eastern country‘s royal family, also is a major investor in the deal. Among the minority investors is actor Rob Lowe through a fund he created with Barrack‘s Colony Capital.


The investors put up about $200 million, while a group of banks led by Barclays raised debt of about $400 million. (Qatar Holdings holds a minority stake in Barclays). New York investment bank Jefferies & Co. helped raise the debt, while Mesa Global, an investment bank that includes Mark Patricof, formerly at CAA, was involved in valuating the assets. Mesa also has been a part of such deals as the sale of ContentNext and paidContent.org to the Guardian and recent funding for the theatrical troupe the Blue Man Group.


The buyers got about $50 million in cash that came with Miramax, another $10 million in adjusted fees and about 700 films in the library, many of which are licensed for theatrical, TV and video around the world for years to come.


The deal includes the Miramax name, some 300 development projects, 90 book rights and a handful of finished films waiting to be distributed. Two movies, Don‘t Be Afraid of the Dark and The Debt, are expected to be released in 2011 by a distributor other than Disney.
 

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