Disney sells Miramax for £450m to Filmyard

WALT Disney has agreed to sell Miramax, the studio behind such films as Trainspotting, Pulp Fiction and Shakespeare in Love, for more than $650 million (£450m) to Filmyard Holdings, ending months of talks between the media group and a star-studded cast of bidders.

The sale underscores Disney's plans to focus its resources on bigger film productions such as Pirates of the Caribbean.

While Miramax has continued to pump out critically acclaimed films such as Doubt, it has not made big commercial hits for some time.

With its family-friendly focus, Disney also viewed Miramax's edgy mix of films as a poor fit.

Disney chief executive officer Robert Iger said: "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."

The sale of Miramax includes rights in more than 700 movie titles, including Academy Award winners such as Chicago.

Filmyard Holdings partners in the deal include US construction magnate Ron Tutor and investment firm Colony Capital.

The deal marks the culmination of a drawn-out sale that had attracted various Los Angeles-based rival bidders, including the Weinstein brothers who founded the studio.

Revelations that Disney was planning a sale of Miramax, which it bought for $80m, first surfaced in January, and exclusive negotiations began in early June.

Gabelli & Co analyst Chris Marangi said: "This turns the page on Disney's foray into non-Disney branded films."