Billionaire Tom Barrack, chief executive of Santa Monica private equity firm Colony Capital, is taking over as chairman of film and TV studio Miramax, the company announced Monday.
Barrack replaces Richard Nanula, who took a leave of absence in June after a website published photos of a man identified as Nanula having sex with an adult film actress. The Los Angeles Times reported Sunday that his resignation was confirmed.
Barrack is No. 38 on the Business Journal’s list of Wealthiest Angelenos with an estimated net worth of $1.25 billion.
Miramax is owned by a group of investors led by Colony Capital. The studio is known for films such as “Pulp Fiction” and “Shakespeare in Love.”
Nanula joined Colony in 2008; after working at Amgen Inc. and Walt Disney Co. and from 1986 to 1998.
Colony was part of a group of investors that acquired Miramax from Disney in December 2010 for $663 million. Another of those investors, construction magnate Ron Tutor, sold his interest in Miramax in January.