Miramax, the film studio that once served as a Disney subsidiary, is up for sale along with its entire library of over 700 films.
According to The Wrap, ownership bodies Qatar Holding and Colony Capital have put the studio up for sale after it’s failed to make the brand more financially solvent, after they and another investor bought the studio from Disney in 2010 for $660 million. This is in the midst of a film that the studio just released, the drama Mr. Holmes featuring Sir Ian McKellen as the aged Sherlock Holmes of Sir Arthur Conan Doyle’s works, directed by Bill Condon. The studio also has two films in active pre-production: The 9th Life of Louis Drax starrig Jamie Dornan and Analeigh Tipton’s Viral.
While it’s a studio that’s still actively making movies, the major monetary value of the company and name likely comes from the extensive film catalog of the studio, which include such critical darlings as Quentin Tarantino’s Pulp Fiction, Good Will Hunting starring Matt Damon, Ben Affleck, and Robin Williams, as well as the Oscar winner Shakespeare in Love starring Joseph Fiennes and Gwenyth Paltrow. According to the report at The Wrap, the company’s lead investors believe that the sale will be attractive specifically to online content providers, who are looking for creating new content and making a great deal of old content available to streaming consumers. Reports indicate the asking price to be around $1 billion, but the final sale total will likely not meet that figure.
For more on this as it develops, keep an eye on GeekNation!
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