Walt Disney Co. and its Miramax Films unit have moved closer in recent days to breaking up their testy relationship, the Los Angeles Times reported.
According to sources familiar with the negotiations, a meeting of key players Wednesday night at Disney’s Burbank headquarters was a turning point in the talks and there were expectations that a resolution was near.
Another meeting was scheduled for Thursday night, according to the article, but negotiations could drag on. Apparently, two months ago a deal collapsed.
Disney and the chiefs of its Miramax Films unit, Bob and Harvey Weinstein, have been out of sync for months as the brothers’ goal of expanding movie productions and budgets has bumped up against Disney’s desire to return Miramax to its low-budget and foreign film distribution roots.
The newspaper reported that sources on both sides said agreement had been reached on a number of crucial issues, with Disney agreeing in principle to pay Harvey and Bob Weinstein more than $100 million in compensation. Disney also would continue to own Miramax’s film library of more than 500 titles, which includes movies such as “Shakespeare in Love,” “Pulp Fiction” and “Chicago.”
The successful partnership began in 1993 when Disney bought the New York-based independent company from the Weinstein brothers for about $70 million.