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Miramax ropes in Morgan Stanley to explore sale
MUMBAI: Miramax is hunting for a buyer and has mandated Morgan Stanley to find a buyer for the movie studio.
Qatari investment bank QInvest will co-advise on the process, which is said to start formally after the Labor Day holiday on 7 September.
The studio is part-owned by Qatar through the country’s sovereign wealth fund. Miramax could be looking for up to $1 billion, reports Bloomberg.
Miramax has made over 700 films including popular films like ‘Pulp Fiction’, ‘The English Patient’ and ‘Shakespeare in Love’, among others. It was founded in 1979 by Harvey and Bob Weinstein.
Qatar Holding, Colony Capital and construction magnate Ron Tutor led the group of investors that bought Miramax in 2010 from the Walt Disney Co for $660 million. Tutor later sold his stake to Qatar Holding. In 2013, the Weinstein Company signed a multi-year co-production and development pact to create sequels and live stage show adaptations of films from the Miramax catalogue.
Headed by Colony Capital’s Tom Barrack, Mirmax recently returned to the production business. It produced ‘The Wedding Ringer’ starring Kevin Hart, which was released earlier this year through Sony’s Screen Gems label, and ‘Mr Holmes’ starring Ian McKellen as an aging Sherlock Holmes.
The company is producing a television series ‘From Dusk till Dawn’ and the movie ‘The 9th Life of Louis Drax’.