Weinstein Brothers Win Back Miramax
It's like the last decade-and-a-half didn't happen! After a fierce back-and-forth between people with lots of money, The Brothers Weinstein—financed by Billionaire Ron Burkle—have bought back the storied Miramax name and catalog.
When Miramax died this past January, Harvey Weinsten told the Wrap: "I'm feeling very nostalgic right now." And so he and his brother Bob did what any aging rich person does when they feel nostalgic about something they owned in the prime of their youth: They bought it all over again. The Hollywood Reporter is reporting that the consortium of hedge funds and investment groups led by the Weinstens have won the bidding war for Miramax and its 611 film catalog. They bid $600 million for the company, which they sold to Disney in 1993 for $80 million, beating out some brothers named Gores, who only put up a measley $550 million.
Should we worry about the new Miramax? After all, the Weinstein Company, which the brothers founded after leaving Miramax in 2005, has been a financial disaster, even with the critical and box office success of Inglourious Basterds. Just a few months ago they were laying off dozens of people to appease their creditors. And, remember Nine? But the new Miramax will be funded by billionaire Ron Burkle and his rich buddies. So the Weinstens get to run the show and concentrate on the fun stuff like making awesome movies and trying to bully critics into submission. They used to be pretty good at that stuff.
Welcome back from the dead, Miramax! How long until Pulp Fiction 2?