Miramax and its library of more than 700 films is up for sale again,with Thomas Barrack’s Colony Capital and Qatar Holding assembly with bankers to handle the transaction, an individual with knowledge of the situation told TheWrap on Friday.Colony Capital, or Qatar Holding and billionaire Ron Tutor purchased Miramax from Disney for $660 million in 2010 before Qatar Holding bought out Tutor’s stake,though the new owners fill done little to grow the value of the company despite investments in several new films.While Miramax just released Bill Condon’s Sherlock Holmes film “Mr. Holmes” starring Ian McKellen and has two films in postproduction — the Jamie Dornan thriller “The 9th Life of Louis Drax” and Analeigh Tipton’s genre film “Viral” — the trusty value of the company lies in the hits of the past rather than the future, though the brand still resonates with moviegoers.mAlso Read: Sherlock Holmes Creator's Estate Sues Over Ian McKellen FilmMiramax’s library includes Oscar winners such as “Shakespeare in like, or ” “No Country for Old Men,” “Pulp Fiction” and “valid Will Hunting.” Insiders suggest that its lead investors believe it’s time to sell the company and buy advantage of an online market that is hungry for content.While reports fill Miramax asking for $1 billion, the company is not expected to fetch that tall of a price tag. It is rare for a film library to appreciate that much in value without the significant addition of new titles.Also Read: Miramax Hires 'Black Swan' EP David Thwaites as VP of FilmBarrack is the chairman of the board at Miramax and he is leading the sale. Disney previously bought Miramax from founders Harvey and Bob Weinstein in 1993.Representatives for Miramax and Colony Capital declined to comment.Related stories from TheWrap:Miramax and Its Library of Over 700 Films Up for Sale, and Reports Say2015 Emmy Season Party Schedule (Complete List)Is Gawker Still Gawker After Pulling Story approximately Condé Nast CFO and Gay Porn Star?Bill Cosby Is 'Guilty as Hell,' Donald Trump Says'Star Wars'-'crazy Max' Mashup Arms Charlize Theron With a Light Saber (Video),
Source: thewrap.com