Disney Reportedly Seeks Sale of Miramax

Walt Disney is seeking a buyer for what remains of its beleaguered Miramax film unit which could fetch in excess of $700 million, a report says.
By TheStreet Staff ,

BURBANK, Calif. (

TheStreet

) --

Walt Disney

(DIS) - Get Report

is seeking a buyer for what remains of its beleaguered Miramax film unit which could fetch in excess of $700 million, the

New York Times

reports.

The sale could come within a few months, said a mergers and acquisitions expert with knowledge of the process.

The possible sale has attracted seven to 10 bidders, which include "Twilight" studio

Summit Entertainment

, several private-equity groups and at least one other independent studio, the source told the

Times

. A Summit spokesman declined to comment.

Harvey Weinstein and Bob Weinstein, who founded Miramax in 1979, aren't among the bidders so far. A Disney spokeswoman declined to comment.

Miramax's library includes "Pulp Fiction," "Good Will Hunting," "No Country for Old Men," "Clerks," and "Shakespeare in Love."

Analysts estimate that the Miramax library generates more than $300 million in annual DVD and television revenue, but they warn that Disney has never broken out a number, the

Times

reports.

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