Tutor/Colony in deal to buy Disney's Miramax: source

LOS ANGELES Thu Jul 8, 2010 7:46pm EDT

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LOS ANGELES (Reuters) - Construction magnate Ron Tutor and investment firm Colony Capital have reached a deal in principle to buy Walt Disney Co's Miramax, a source with knowledge of the situation said.

The source said all the parties have agreed on terms and lawyers were in the process of drafting up a formal agreement.

Two sources, who are close to the matter, told Reuters on Wednesday the was valued at between $600 million and $700 million cash for the art house studio behind such films as "Shakespeare in Love."

Disney decline comment.

(Reporting by Susan Zeidler; editing by Andre Grenon)