Saturday, 30 July 2016
Last updated 9 hours ago
May 11 2010 | 4:30pm ET
The Fortress Investment Group-backed deal for movie studio Miramax Films will be announced at the Cannes Film Festival.
Miramax founders Bob and Harvey Weinstein, who are leading the group that seeking to buy the studio from Disney, will use the famed film festival in the south of France to announce that the purchase. The Weinsteins sold Miramax to Disney in 1993 and left the studio, which they founded in New York in 1978, in 2005.
The Weinsteins say that exclusive negotiations are still ongoing. But media reports indicate that an agreement has been reached to sell Miramax for about $650 million. Fortress is putting up half of that money, with billionaire Ronald Burkle putting up the rest. The Weinsteins are contributing no cash to the deal.
The Cannes Film Festival will be held from May 12 through May 23.