Los Angeles billionaire Ronald Tutor and his partners Morgan Creek, Colony Capital and David Bergstein have reached agreement to buy Miramax from The Walt Disney Company.

The sale price is believed to be $675 million. The agreement was struck on Thursday afternoon in negotiations led by Tutor, who will take the lead management position in the arthouse studio with a 700-film library, according to a knowledgeable individual.

Tutor intends to run Miramax as a standalone company; Bergstein, a controversial figure who is mired in numerous lawsuits over the closure of ThinkFilm and his other companies, is expected to take a prominent advisory role.

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