Disney is selling Miramax Films for about $660m to the Filmyard Holdings consortium in a deal that includes rights to dozens of award-winning movie titles.
Walt Disney Company announced the sale today, saying it expected the deal to close before the end of the year, subject to regulatory approval.
The sale hands a group of investors, including Colony Capital fund, the rights to over 700 film titles, including 'Chicago', 'Shakespeare in Love' and 'No Country for Old Men'.
The deal also includes non-movie assets, including books and project still in development, Disney said.
'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,' Robert Iger, Disney's president and CEO said.
The announcement ends weeks of speculation about Miramax's fate. Producer brothers Bob and Harvey Weinstein, who founded the studio in 1979, were said to be among those interested in acquiring it.
