Disney said to extend deadline for Miramax bidding
Once again Walt Disney Co. has pushed back the deadline for bidders making offers to acquire the specialty label Miramax Films, to Monday, according to people with knowledge of the situation.
As the deadline approaches, one prospective bidder has dropped out: Washington Redskins owner Daniel Snyder, whose RedZone Capital investment firm decided not to submit an offer after reviewing documents and having discussions with Disney executives, two people close to the process said.
That leaves Miramax founders Bob and Harvey Weinstein, who sold the company to Disney in 1993, as among the remaining potential bidders.
The brothers are in talks with a number of possible financial partners, including supermarket magnate Ron Burkle, who runs the Yucaipa Cos. investment firm, said three people familiar with the matter.
Burkle did not return calls seeking comment.
Brothers Alec and Tom Gores, who run separate investment firms, are joining together to submit a bid for Miramax’s library, which boasts Oscar winners such as “Shakespeare in Love,” “The English Patient” and “Chicago.” Their sibling, Sam Gores, who runs the Paradigm talent agency, is advising his two brothers in the negotiations, according to people with knowledge of the discussions.
There is a possibility that the Goreses could involve the Weinsteins in a strategic role, the people said, but not as financial partners.
The Weinsteins not only are knowledgeable about Miramax’s film catalog, but they also hold sequel rights to several of the studio’s movies, which Disney has the right to co-finance. The Miramax founders also have access to distribution -- something the Goreses would have to arrange if they acquired the library. Under one scenario, the Goreses could strike a deal with Disney to release the movies, said people informed about the matter.
Disney shut down the independent film unit this year, closing offices in New York and Los Angeles and laying off dozens of people. The Burbank media conglomerate began quietly courting would-be buyers for the Miramax library, which it believes could fetch $700 million.
Several investment firms and independent studios -- including Lions Gate Entertainment, Summit Entertainment and Amir Malin’s investment fund Qualia Capital -- have expressed interest in Miramax but balked at the asking price.
dawn.chmielewski @latimes.com
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