Want to Buy Miramax? Fork Over $700 Million

As we told you last week, Miramax has lost its lease...and everything must go. The news has been coming for a while, and Disney has been shackling the studio for a while now. By the time the official announcement came down, Miramax had fewer than 25 total employees and no president. So now comes what I think might be the easy part for Disney: Spinning off what's left of Miramax to the highest bidder. The New York Times reported earlier this week that the asking price is about $700 million, which might seem high, but the studio had released about 700 movies, including Pulp Fiction and several other genre-bending films, particularly from the 1990s. Just in Blu-ray cha-ching alone, that $700 million shouldn't be a big reach for some lucky studio. One thing we know is that the founders of Miramax, Bob and Harvey Weinstein, aren't among the "seven to 10 interested bidders," but how could they be? Their Weinstein Company has been kind of a mirror image of the company they left, minus a couple hits here and there. The Weinsteins are reeling, though, from bad moves this awards season, with The Road and Nine falling like stones. Combined, the two former Oscar hopefuls have only produced about $28 million. Summit is rumored to be one of the frontrunners, and that makes sense. All that Twilight money has to go somewhere. I wouldn't count out Lionsgate, either. If that studio was able to spend $200 million on the completely worthless TV Guide channel, this will seem like a bargain. The economy may not have had much of an impact on box office, but it sure has hit some studios very hard. Universal sold Rogue, Paramount shut down Picturehouse, Warner Bros. dropped its boutique brand, and MGM is still looking for new ownership. Hard to believe that the standard bearer for successful arthouse movies would wind up here so quickly, but that's just a sign of the times, I guess. You would hope that whichever studio acquires it next will treat Miramax with more respect than it had been shown over the past few years at the House of Mouse. A lot of good films came out of Miramax, and you'd hate to see that just stop completely.

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One thing I notice is how many DVDs of movies you can find in bargain bins at Wal Mart or Big Lots here in the last year or so. The one boon about this is you may see a lot of the movies put out by Miramax REALLY cheap here in the short term, so it may be a great time to catch up on some you may have missed.

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