Weinstein brothers to take back Miramax

Thu Apr 15, 2010 11:28pm EDT
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By Elizabeth Guider and Carl DiOrio

LOS ANGELES (Hollywood Reporter) - It seems the Weinstein brothers have fashioned a winning bid for Miramax Films, the studio they founded in 1979 and sold to Walt Disney Co in 1993 for $80 million.

Disney for months has been soliciting offers for the recently shut specialty-film unit and its 611-title library. Harvey and Bob Weinstein had been building enough financial muscle to put together an offer of $600 million or thereabouts, seeking to top bids from such rival suitors as businessmen Alec and Tom Gores, and Hollywood wheeler-dealer David Bergstein.

The Weinsteins have been in talks with billionaire financier Ron Burkle throughout the auction process. In addition to Burkle's Yucaipa Group, the duo's backers include hedge funds Fortress and Colbeck Capital.

In effect, Burkle and friends would be the official buyers, but the Weinsteins would effectively run the operation. There was no word on when an official announcement of the deal will be made, as Disney lawyers were still going over the financial details provided by the Weinsteins.