Updated from 4:10 a.m. EDT
BURBANK, Calif. (
has sold its Miramax film studio for more than $660 million to Filmyard Holdings LLC.
Partners in Filmyard include Los Angeles businessmen Ron Tutor, Tom Barrack, Colony Capital and other individuals.
Disney said the sale is expected to close between Sept. 10 and the end of the year.
Disney said the sale of Miramax includes rights in more than 700 film titles, including Academy Award winners like "Chicago," "Shakespeare in Love" and "No Country for Old Men," Disney said in a statement Friday. The sale also includes non-film assets, such as certain books, development projects and the "Miramax" name.
"Although we are very proud of Miramax's many accomplishments, our current strategy for Walt Disney Studios is to focus on the development of great motion pictures under the Disney, Pixar and Marvel brands," said Robert Iger, Disney's president and CEO, in a statement.
It was first reported around January that Disney was interested in selling the studio.
Disney bought the studio from Harvey and Bob Weinstein in 1993 for $80 million.
-- Reported by Joseph Woelfel in New York.
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