MUMBAI: The Walt Disney Company might disown its film unit Miramax. Reports suggest that Disney ceo Michael Eisner is considering the sale of the studio back to its founders and co-chairmen, Harvey and Bob Weinstein. Disney officials have refused to acknowledge the developments.
Disney and the Weinsteins were at loggerheads on the issue of distributing Michael Moore's controversial new film Fahrenheit 9/11. Disney had earlier refused to distribute the film produced by Miramax against Disney's wishes. Then the deadlock was solved when Weinsteins personally bought the movie from Disney and found out distributors independently. The movie will be released on 25 June all over the US.
The Weinsteins' contract with Disney's Miramax expires in 2005. It is expected that if Disney sells Miramax it could fetch as much as $2 billion. Disney had bought Miramax in 1993 for $80 million.