has settled its dispute with the Weinstein brothers, who have run the company's Miramax movie studio for more than 10 years.
The company said in a postclose press release that Bob and Harvey Weinstein will remain with Disney through September as they work on their new independent film venture. Disney will keep the Miramax Films name, while the Weinsteins will take the Dimension label. Disney said further details of the Weinsteins' new company will be released in coming weeks.
Financial terms of the deal weren't disclosed, although
The Wall Street Journal
said the company would pay the men as much as $100 million to depart.
The Weinsteins founded the studio more than 25 years ago and sold it to Disney in 1993. The dispute between the Weinsteins and Disney chief Michael Eisner, himself due to leave the company in September, escalated last year over Eisner's decision not to distribute
, the anti-President Bush documentary produced by Miramax and directed by filmmaker Michael Moore.
"Harvey and Bob's unprecedented 12-year association with Disney will go down in the motion picture annals for its unparalleled contributions to independent filmmaking and the entrepreneurial creative spirit they fostered within a corporate environment," Eisner said in Tuesday's press release. "The Weinsteins' passion and enthusiasm for film are infinite and will thrive wherever their vision takes them."