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Walt Disney has agreed to sell Miramax, the studio behind such films as "Trainspotting" and "No Country for Old Men," for more than $660 million to Filmyard Holdings, ending months of talks between the media group and a star-studded cast of bidders.
Construction magnate Ron Tutor, investment firm Colony Capital and other individuals are partners of Filmyard Holdings, Disney said.
The sale underscores Disney's [ DIS 33.84 
+0.00 (+0.00%) ] plans to focus its film resources on bigger film properties such as "Pirates of the Caribbean" and exploit them across various platforms.
"It turns the page on Disney's foray into non-Disney branded films and completes their focus on franchise properties," said Gabelli & Co analyst Chris Marangi.
"They're also finding promising areas of growth in new media, especially in areas where they can monetize Disney properties." The sale of Miramax includes rights in more than 700 movie titles, including Academy Award winners such as "Chicago," and "Shakespeare in Love," Disney said.
"They are harvesting something mature and using the cash to invest in a more emerging growth space," said RBC Capital Markets analyst David Bank.
While Miramax has continued to pump out critically acclaimed films such as "Doubt," it has not made big commercial hits like "Pulp Fiction" and "Chicago" for some time.
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