Movies

Ronald Tutor to sell off his film interests

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MUMBAI: Ronald Tutor, a Hollywood investor involved in purchase of the Miramax film library from Walt Disney Co.in 2010 has said that he‘s days away from selling his film interests.

The sale could be executed within 10 days, he said while on a conference call with analysts who cover his Tutor Perini Corp. (TPC), However It was not clear if the Miramax interests were part of his sale plans.

"I‘m probably a week to 10 days from executing, selling my movie interests," Tutor said on the call. "If for some reason that, awful as it may sound, doesn‘t go through, I‘d probably have another stock sale in June or July," Tutor has reportedly said.

The construction magnet‘s film investments extend beyond Miramax, it is understood. His ventures include the Intermedia film library, owner of Timecop, The Wedding Planner and Basic Instinct 2.

Tutor is an investor in Filmyard Holding LLC, the entity led by Colony Capital LLC that bought the Miramax library in 2010 for $660 million. It may be interesting to note that since the acquisition, Miramax signed licensing agreements valued at $325 million and negotiated a $500 million refinancing to reduce borrowing costs.

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