June 30, 1993 – Disney Buys Miramax Films
On June 30, 1993, Disney finalized the deal to buy Miramax Films, which not only had Disney financing future Miramax productions, but also gave Disney access to the more than 200 films in the Miramax library. Miramax founders Harvey and Bob Weinstein sold the studio for $60 million, although they continued to work with Miramax, with Disney having the final say on what they could release. In 2005, the Weinsteins and Disney did not renew their contractual relationship. The main point of their dispute was Michael Moore’s film Fahrenheit 9/11; Disney had not wanted to release it, but many communication errors kept the film under Miramax until the Weinsteins moved it to their own distribution group to release it.
After Disney’s purchase, many successful films were released, including The Piano, The Crow, Little Buddha, Pulp Fiction, Trainspotting, Sling Blade, and The English Patient. In 2009, Disney cut Miramax’s staff and film output about 70 percent, and by January 29, 2010, the studio’s offices were closed, and everything left was moved to Disney’s headquarters in Burbank. In July of that year, the arrangements to sell Miramax began. Ron Tutor and his investment group bought the studio in December 2010 for $660 million.
disneydetail 