Colony Capital Nears Deal For Movie Studio Miramax

Jul 14 2010 | 11:28am ET

Fortress Investment Group won’t be owning a piece of movie studio Miramax Films, but another alternative investments firm appears poised to do so.

Walt Disney Co., which bought the studio in 1993 and now wishes to rid itself of the operation, is said to be near a deal with Los Angeles-based Colony Capital and Ron Tutor, an L.A. construction magnate. The agreement is said to be 95% done, with the buyers ponying up between $600 million and $700 million for the studio and its back catalog.

A sale to Tutor and Colony would end the dream of Miramax co-founders Bob and Harvey Weinstein to reacquire the studio. The two were confident they had a deal in place, financed by Fortress, but the talks collapsed in May.

While Miramax would be Colony’s first movie studio, it’s not the firm’s first asset in the entertainment industry. The firm has made the most of opportunities presented by profligate celebrities, snapping up the marketing rights to Annie Leibovitz’s photographs and the mortgages on the late Michael Jackson’s Neverland Ranch.

“I intend to focus on distribution, not production,” Colony’s Thomas Barrack told the Financial Times of Miramax.


In Depth

Whisky Business: The Ultimate Liquid Alternative Investment

Sep 15 2014 | 7:02am ET

David Robertson knows his single-malt whisky—he was the Master Distiller at the...

Lifestyle

Hedgies Rock Out For Children's Charity

Sep 15 2014 | 8:40am ET

It's that time of year again—when hedgies trade in their spreadsheets for guitars...

Guest Contributor

Volkered: How Financial Sector Reforms are Creating Opportunities for Hedge Funds

Sep 16 2014 | 11:28am ET

New regulations have dramatically curtailed proprietary trading activity in investment...

 

Editor's Note

    Get A Sneak Peak Of The Alpha Pages

    Aug 25 2014 | 11:21am ET

    As many of you know, FINalternatives was recently acquired by the owners of Futures magazine, a firm called The Alpha Pages LLC. Today marks the soft-launch of a new sister site for both publications. As its name suggests, The Alpha Pages will cover all types of alternative investments, going far beyond the more well-known ones such as hedge funds and private equity. Read more…

 

Futures Magazine

July/August 2014 Cover

In search of the ‘new normal’ at the Fed

The Federal Reserve keeps baby-stepping toward a “normalization” of monetary policy. But just what is normal?

The Alpha Pages

TAP July/August 2014 Cover

The Alpha Pages Interview: Senator Rand Paul

Senator Paul sat down in the debut series of the Alpha Pages Interview to discuss the broken tax code, regulation surrounding Bitcoin, and his plans for the 2016 Presidential election.