Source: Bids for Disney’s Miramax range from $550 million to $650-million-plus
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Details are starting to trickle in about who’s bidding what for Disney’s Miramax.
The biggest bid is from Pangea Media Group, which is headed by financier David Bergstein. According to a person close to the situation, Pangea is offering $650 million for Miramax but will up that to $700 million if Disney throws in the unreleased animated film ‘Gnomeo and Juliet.’
The Weinstein Co., which persuaded supermarket magnate Ron Burkle to throw his weight behind its bid, has offered about $600 million. Brothers Alec and Tom Gores, who run investments firms Gores Group and Platinum respectively, made a bid in the $550-million range.
If Disney decides to move ahead with plans to unload Miramax, it will probably pick whoever can get the cash the fastest. In other words, the highest bid may not be a lock if it comes with complications.
None of the competing bidders and Disney were immediately available for comment.
-- Dawn C. Chmielewski and Joe Flint