Miramax Sale Update - Summit Entertainment Pulls Out
Posted by Ashley McChesney on Sat, Feb 20, 2010 @ 01:07 PM
Independent movie studio Summit Entertainment has pulled out of bidding for the
Walt Disney Co's Miramax film unit, amid questions about how much Miramax is worth and whether
Disney is asking too much.
Summit had been seen as a highly interested potential buyer for Miramax, because the fledgling independent studio behind teen vampire franchise "The Twilight Saga" lacks a film library to provide stable revenue.
But on Friday, Summit confirmed it is no longer in the bidding for Miramax. The company declined to comment further.
Sources say Disney is asking more than $650 million for Miramax, which it bought from independent producers Bob and Harvey Weinstein in 1993 for $80 million.
Disney declined to comment about the sale.
Read more here.
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