Disney to sell Miramax to Filmyard for $660 mn

Entertainment and media firm Walt Disney Company today said it will sell its Miramax film division to Filmyard Holdings for more than $660 million.

As per the deal, Filmyard will obtain rights in the Miramax film library, including over 700 film titles, book titles and development projects.

The transaction, subject to regulatory approvals, is expected to close between September 10 and the end of the calendar year.

"Although we are very proud of Miramax's many accomplishments, our current strategy for Walt Disney Studios is to focus on the development of great motion pictures under the Disney, Pixar and Marvel brands," said Disney President and Chief Executive Robert A Iger.

The partners in Filmyard include Los Angeles businessmen Ron Tutor, Tom Barrack, Colony Capital LLC and others.

The Walt Disney Co, is a leading diversified international family entertainment and media enterprise with five business segments: media networks, parks and resorts, studio entertainment, consumer products and interactive media.

Earlier this week, Walt Disney Co said it is buying online social-gaming company Playdom for $563.2 million.