February 2, 2010
Weinstein brothers may buy back Miramax
Harvey and Bob Weinstein may reunite with their long lost Miramax in a happy Hollywood ending sullied by a great deal of debt.
The Wrap is reporting that two hedge funds are interested in helping the brothers reclaim the independent film studio they created and named for their parents. During its heyday, Miramax became synonymous with Oscar hits and brought films like “The English Patient” and “Shakespeare in Love” to the culture.
The Weinsteins sold their baby to Disney in 1993 and continued to run the company until a nasty breakup in 2005. (Harvey and then-Disney CEO Michael Eisner famously feuded.) But it looks like things are coming full circle for the Weinsteins, whose current film outfit, The Weinstein Company is experiencing financial woes. Until now, TWC has not been able to replicate the megasuccess of Miramax but today’s 13 Oscar nominations for “Inglourious Basterds” and “Nine” certainly helped.
What the Weinsteins plan to do with two film companies in an erratic economic climate is of legitimate concern, but the Miramax library of 700 films could certainly help with their cash flow problems.
From The Wrap: