ITV

Tag: Weinstein’s

  • Goldman, Sachs to finance Weinstein’s new film company

    MUMBAI: A couple of months after announcing their decision to leave Disney and by extension Miramax by September movie mavericks Harvey and Bob Weinstein have announced a deal with Goldman, Sachs & Co.
     

    As per the agreement the investment banking firm will provide The Weinstein Company with an equity investment and a debt financing commitment. The two firms will work closely together over the coming months to officially launch The Weinstein Company in October 2005. The brothers said, “We are thrilled with this important relationship that provides us with the resources to produce and market the exciting slate of films that we have planned. We look forward to getting to work.”

    The brothers have said they hope to raise $1 billion as they build up their firm which will first focus on movies and later could branch into the internet and other digital media. The The Goldman loan has been estimated to be in the region of $100 million.
     
     

    Meanwhile The Weinstein Company has acquired the US distribution rights to three films- Decameron, Last Legion and Young Hannibal which have all been produced by the legendary Dino de Laurentiis.

    These three films have a combined budget of $185 million. Decameron directed
    by David Leland, stars Hayden Christensen Star Wars: Revenge Of The Sith and Mischa Barton
    in a tale of romance, passion and adventure amongst Italian nobles during the time of the Florentine Plague. Last Legion stars Colin Firth and Ben Kingsley and will start production in
    August. It’s the epic tale of a warrior named Aurelius who must protect the young Caesar when ancient Rome falls to the Goths. Young Hannibal is the prequel to the famous Hannibal
    Lecter series.

    It tells the story of the formative years of Hannibal Lecter, revealing the origins of the now legendary character. Young Hannibal is
    based on the upcoming book Behind the Mask by Thomas Harris.

  • Weinsteins to leave Disney, Miramax in September

    MUMBAI: This is a piece of news that could have far reaching implications in terms of how Disney runs its film studio Miramax. The media conglomerate has announced that the founders of Miramax, Harvey and Bob Weinstein will leave Disney and by extension Miramax in September. The Weinsteins had been with Disney for 12 years. Last year Miramax completed 25 years in existence.
     

    This separation should come as no surprise. Last year the relationship between the Weinsteins and Disney took a turn for the worse. While Disney downright gave Miramax the loser’s tag, founders and co-chairmen of Miramax — Harvey and Bob Weinstein — had asked Disney to quote a sum so that they could buy back the studio.

    At that time Disney CEO Michael Eisner had said that he wouldn’t sell Miramax even though the studio had been unprofitable in three of the past five years. Another sore point took place last year when Disney stopped the Weinsteins from distributing Michael Moore’s Fahrenheit 9/11 which would go on to win the Palme d’Or at Cannes.

    Over the years Miramax made and distributed landmark films such as Pulp Fiction, The English Patient, The Aviator, Good Will Hunting and Sex, Lies And Videotape.

    As per the termination agreement the Weinsteins will remain co-chairmens of Miramax on a non-exclusive basis till 30 September 2005. During this period, they will focus their efforts on completing projects currently in production and will oversee the marketing and distribution of Miramax and Dimension films scheduled for release.

    Earlier there had been speculation that the Weinsteins could go to Paramount. However now they have announced that they will own and operate a new company, which is currently being developed. They will immediately begin the production, development and acquisition of new projects for their new venture. Details about the
    Weinsteins new company, including its name, financial backers and other specifics, will be announced during the next several weeks.

    Disney will retain the name “Miramax Films” and the Miramax and Dimension film libraries, while the Weinsteins will take the Dimension label to their new company.
     
     

    Dwelling on the seperation the Weinsteins addressed Disney employees by saying, “We recognise that the past several months have been especially challenging and we are extremely grateful for your patience, understanding and continuing contributions to Miramax and Dimension’s success. We understand that the speculation about the company’s future has created uncertainty for each of you and we truly appreciate your ongoing professionalism and performance.

    “We are incredibly grateful for the chances we have been given at Disney over the past 12 years. As movie fans, we truly appreciate the unique opportunities we have had to work with some of the greatest talent, both on screen and off, in sharing such a wide range of independent and foreign films and Miramax and Dimension productions with audiences around the world

    “We are very proud of the company Miramax we have built over the past 25 years and of the films that, with your help, we’ve been able to bring to audiences around the world. As we are completing one chapter, we are preparing to begin the next.”

    Paying tribute to the Weinsteins Disney president and COO Robert Iger said “Disney’s film library has benefited tremendously from the groundbreaking and critically acclaimed films developed under Harvey and Bob. Their creative instincts are undeniable, and they have developed a valuable asset for this company. We look forward to future collaborations with them through this newly established relationship.”

  • Disney, Weinsteins may part ways

    Disney, Weinsteins may part ways

    MUMBAI: A film partnership that lasted a decade and brought lots of Oscar awards may be coming to an end. Disney is said to be looking to end its current deal with Miramax Films founders Bob and Harvey Weinstein.

    Disney must give the Weinsteins at least six months notice if it does not plan to renew its deal with the filmmaking brothers who are credited with revolutionizing the independent filmmaking world. Reports state that with the pact set to expire on 30 September 2005, a resolution must be reached by March at the latest.

    Disney CEO Michael Eisner has categorically asserted that Miramax would remain with Disney even if the Weinsteins exited. Disney will also retain rights to the valuable Miramax library and to any films produced during the current agreement. If the Weinsteins do leave this would be the second blow for Disney following the end of the contract with animation house Pixar.

    Miramax was bought by Disney in 1993 for $80 million. The Weinsteins are likely to seek financing to start a new motion picture venture. Trade publication Variety had reported that Disney was not interested in renewing the terms of the Weinstein’s existing employment agreement. .

    There was friction between the Weinstein’s and Disney over Kill Bill. Eisner had felt that Miramax pushed the envelope too far with Quentin Tarantino’s epic. Worse earlier this year Disney had blocked Miramax from distributing Michael Moore’s Bush-bashing documentary Fahrenheit 9/11. As a result the Weinsteins to personally buy the film rights and seek an independent distributor. The film releases in India today 15 October.

    Another report has suggested that the Weinsteins could partner with Paramount which is struggling for hits. Paramount had partnered with Miramax on The Hours which won Nicole Kidman an Oscar.

    This year Miramax is pinning its Oscar hopes on Martin Scorcese’s upcoming The Aviator in which Leonardo DiCaprio plays eccentric billionaire Howard Hughes.

  • Disney mulls over Miramax sale

    Disney mulls over Miramax sale

    MUMBAI: The Walt Disney Company might disown its film unit Miramax. Reports suggest that Disney ceo Michael Eisner is considering the sale of the studio back to its founders and co-chairmen, Harvey and Bob Weinstein. Disney officials have refused to acknowledge the developments.

    Disney and the Weinsteins were at loggerheads on the issue of distributing Michael Moore’s controversial new film Fahrenheit 9/11. Disney had earlier refused to distribute the film produced by Miramax against Disney’s wishes. Then the deadlock was solved when Weinsteins personally bought the movie from Disney and found out distributors independently. The movie will be released on 25 June all over the US.

    The Weinsteins’ contract with Disney’s Miramax expires in 2005. It is expected that if Disney sells Miramax it could fetch as much as $2 billion. Disney had bought Miramax in 1993 for $80 million.

    Also read: Miramax chiefs to buy Moore docu ‘Fahrenheit 9/11’ from Disney