Walt Disney Co. on Monday formally terminated negotiations with Harvey and Bob Weinstein to buy back Miramax Films, according to people familiar with the matter told the Wall Street Journal.
The Weinsteins’ $625 million bid had been backed primarily by Los Angeles billionaire Ron Burkle’s Yucaipa Cos. Sources said the complex structure of the acquisition was the primary reason why the talks collapsed. The Weinstein brothers founded Miramax in 1979 and then sold it to Disney in 1993 for $80 million.
The end of the talks, which began to fall apart last week, could pave the way for another bid by billionaire brothers Tom and Alec Gores. The Gores brothers are separately pursuing another independent film studio
• Read the full Wall Street Journal story.
• Read the full Reuters story.
• Read a related story in this week’s Los Angeles Business Journal.
