Disney looking to sell Miramax unit: report

NEW YORK Sun Jan 31, 2010 6:10pm EST

Related Topics

NEW YORK (Reuters) - Walt Disney Co is looking to sell what is left of its Miramax film unit, which could bring in more than $700 million, The New York Times reported on Sunday, citing a mergers and acquisitions expert with knowledge of the process.

The company is looking to sell the Miramax name as well as its 700-film library, the report said, and the possible sale has attracted the interest of seven to 10 bidders.

According to the report, possible buyers include "Twilight" studio Summit Entertainment, private equity groups and at least one other independent studio.

A sale could be announced "within a few months," The New York Times said, citing the same source.

Disney and Summit could not be immediately reached for comment.

Miramax was once a top art-house studio, and its library includes "Pulp Fiction," "Good Will Hunting," "No Country for Old Men," "Clerks," and "Shakespeare in Love."

According to the newspaper, analysts estimate that the Miramax library brings in more than $300 million in DVD and television revenue annually, but Disney has never disclosed that figure.

(Reporting by Michael Erman, editing by Martin Golan)

FILED UNDER: