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Netflix announces multi-year agreement with Miramax

Netflix, Inc. [NASDAQ: NFLX] and Miramax today announced a multi-year agreement under which Netflix members in the U.S. will be able to instantly watch some of the world’s most loved and acclaimed motion pictures from the Miramax film library. It is the first time Miramax titles have become available through a digital subscription service.

Beginning in June, Netflix members in the U.S. will be able to instantly watch several hundred Miramax movies, with dozens of titles being added on a rotating basis. The movies can be watched on multiple platforms, including TV, tablet, computer and mobile phones. Financial terms of the deal are not being disclosed.

Continue reading Netflix announces multi-year agreement with Miramax

Disney sells Miramax to Ron Tutor and Colony Capital for $660M

Disney has closed a deal to sell the movie house Miramax to Ron Tutor and Colony Capital for $660 million. Via Deadline:

All in all, $660 million is a very good price for the company because film library values have taken a hit as DVD/video has flattened. True, Disney once placed a sky-high $1.2 billion pricetag on the Miramax library. The studio hoped to get around $800 million, then $700 million, and this number comes awfully close to that. The final figure exceeds the $625M-$650M which the Weinstein brothers/Ron Burkle/Fortress-Colbeck partnership seemed ready to pay until talks broke down. Due diligence showed that Miramax is sitting on a lot of cash, as much as $300M in receivables. Also, I’ve learned that Disney stands to make even more because it also will collect distribution fees on theatrically released Miramax and non-Miramax films it distributes on behalf of the buyer for up to a year.

The press release follows after the jump.

Continue reading Disney sells Miramax to Ron Tutor and Colony Capital for $660M