Disney’s interminable auction of the once-great Miramax Films has reached its less-than-thrilling conclusion, with (as previously rumored) an investment group led by construction magnate Ron Tutor finally coming up with all $660 million needed to buy it from the studio. This puts an official end to months of wild speculation and almost-there deals that involved way more exciting names like Rob Lowe and Miramax founders The Weinstein Brothers, but hey, an ending is an ending. Under the terms of the agreement, Disney will continue to manage Miramax‘s library of around 700 films for one year, during which Tutor will hire “a seasoned movie executive” and a staff of as many as 50 employees to begin producing a few new films each year “to freshen the library to sustain its value.”Ah, so the creative juices are stewing already.
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