Colony Capital takes control of Miramax from Disney for $660m

The sale gives Colony and Tutor control over Miramax’s 700-strong film archive, which includes multiple Oscar winners Shakespeare in Love, Chicago and The English Patient, as well as Pulp Fiction, one of its earliest successes.

The troubled film studio, which had its central operations merged with Disney earlier this year, is thought to have initially attracted interest from investor brothers Alec and Tom Gores, who prepared a bid through private equity firms Platinum Equity and The Gores Group, while ousted Miramax founders Harvey and Bob Weinstein had tried to regain control of the company with the aid of billionaire investor Ron Burkle.

Speaking on the divestment, Robert Iger, Disney's president and CEO, said, "Although we are very proud of Miramax's many accomplishments, our current strategy for Walt Disney Studios is to focus on the development of great motion pictures under the Disney, Pixar and Marvel brands. We are delighted that we have found a home for the Miramax brand and Miramax's very highly regarded motion picture library."

Colony is well-versed in high-profile investments, as it owns the rights to Neverland, the ranch home of deceased pop singer Michael Jackson, and bailed out celebrity photographer Annie Leibovitz after she fell behind on loan repayments.

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