In what may be the final dramatic twist for Miramax, the Weinstein brothers are circling their old studio with an eye to buying it back from the Walt Disney Company.

Two hedge funds have approached brothers Harvey and Bob Weinstein about teaming up to buy the studio, according to an individual with knowledge of the plan. The Weinstein brothers founded Miramax in 1979 and sold it to Disney in 1993.

Such a deal would make some sense. The studio has gone into decline since the Weinsteins parted ways with Disney in 2005, and the parent company has shown little enthusiasm or acumen for capturing the magic that brought indelible films like “The English Patient,” “Pulp Fiction” and “Shakespeare in Love” to American culture.

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