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MIRAMAX OVER, FOR NOW
So, Miramax finally closed it's doors. Most of us saw this coming years ago. Once Harvey and Bob left, it was curtains for the company. The success was never replicated by either party, frankly, as the Weinstein Company has by and large been a bust as well. Maybe the best thing for Disney and the Weinsteins is a reunification of sorts. The Weinsteins have access to credit (albeit dwindling credit), and just might be able to meet Disney's purported asking price of around $800 million. Public suitors have been limited to Summit, but I hear there are more interested parties.
No one is as interested as the Weinsteins, though. The company was named after Harvey and Bob's parents, after all.
As shrewd as H&B are, they would be approaching this deal with their heart, not their head, and that makes me think that Disney's best chance of getting a premium in this declining market won;t be with anyone else.
I've seen values as flat as $400 million for the Miramax brand and library, due to declining DVD and rental revenues. Trust me. Disney does not want to see this go to auction.
If I had to bet the house, I'm guessing H&B end up paying about $500-600 million to get their company back--and Miramax would finally be coming home.