CATEGORIES Independent, Deals, Executive shifts, Disney, The Weinstein Co., Miramax, Cinematical Indie, Movie News, CinematicalAlthough Harvey Weinstein denies the report, Deadline.com claims that a deal is done for the Weinstein brothers to finally recover their old distribution company, Miramax, from Disney and will announce the purchase at Cannes in order to "make a big publicity splash." It's been a little over three months since we heard the Weinsteins were even interested in re-acquiring the name and its film library, having been forced out of the company back in 2005, and while it was easily assumed the sale would and should go through, such negotiations do take time.
In fact, Harvey's people say the negotiations are still going on (involving three boardrooms of people) and imply they won't be finished that soon. Deadline stands by the information they've received, though, including that the price of the indie division was settled at "around $650 million." This figure is also being contested, apparently, as the buyers are said to be claiming the cost will be under $625 million while Disney's number is allegedly close to $700 million.
Whatever the exact amount, the important thing is that Harvey and Bob Weinstein will have back their original brand, which is especially sweet since Miramax was named after the boys' parents, Miriam and Max. And since their Weinstein Co. has never seen the success that Miramax had, especially while owned by the Mouse House, it may help them get their groove back. As for whether John Q. Movielover will benefit from this deal, I honestly doubt we'll be seeing much different from the guys except for that old cityscape logo placed ahead of their films.
Are you glad the Weinsteins are in charge of Miramax again, or would all that money have been better spent on (new) product rather than brand?