LOS ANGELES (TheWrap.com) - Construction billionaire Ron Tutor has sold his minority stake in the Miramax film library to co-owner Qatar Investment Authority, a person with knowledge of the deal told TheWrap on Monday.
Tutor, QIA and Tom Barrack's Colony Capital bought the library for $663 million from Disney in 2010, beating out a group headed by former Miramax chiefs Bob and Harvey Weinstein and backed by supermarket mogul Ron Burkle.
Since then, Miramax has made a series of distribution deals and licensed films from its library - including "Pulp Fiction" and "The English Patient" - to Netflix, Hulu, Love Films and Net Movies. It also sealed several deals for DVD and Blu-Ray distribution. But by design Miramax has not developed or produced any films, banking instead on its ability to leverage its library assets.
Miramax's future has been uncertain since chief CEO Mike Lang stepped down last year, after Colony failed in a bid to acquire Summit Entertainment and merge it with Miramax. Steve Schoch has served as interim chief executive since Lang's exit.
In an interview with TheWrap in 2011, Richard Nanula, a principal at Colony Capital, insisted the library was the key to the company's business.
Tutor, who is chief executive at the construction company Tutor-Perini, did not return calls for comment Monday. Neither did Colony Capital or QIA.
Source: http://news.yahoo.com/co-owner-ron-tutor-sells-stake-miramax-205425061.html
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