– Walt Disney Inc. announced it will sell Miramax Films for more than $600 million to Filmyard LLCRonald Guardian Holdings.
The deal that ends a long search for a buyer for Miramax, will give Filmyard rights to a film library that includes more than 700 titles with notorious movies such as “Pulp Fiction”, “Shakespeare In Love”, including books and other project developments.
If the U.S. government agencies that need to approve the transaction give a go on the deal as expected, the final steps closing the deal will occur between September 10 and end of the year.
“While we are proud of the many of Miramax’s accomplishments, the current strategy of Walt Disney Studios is to development great films under the Disney, Pixar and Marvel brands,” said President and CEO of Disney, Robert Iger.
Striving to exit the current period of creative drought, declining audiences in theaters and falling DVD sales, Disney has focused on the acquisition of other companies that promise a better future in the digital media age.
Among these ventures is the acquisition of Playdom, a company with digital games that can be played on Facebook, announced this week, a more than $ 563 million deal.
Disney has also acquired a 28 percent portion of the contents of the Internet TV site “Hulu”, and the 4,000 million dollar purchase of Marvel Entertainment.